CAYMAN Islands-based miner, Namib Minerals (Namib) is pressing ahead with groundwork for a US$300 million investment to restore and expand operations at its gold assets in Zimbabwe, the firm has revealed.
After successfully listing on the American stock exchange, Nasdaq, a few months back, Namib revealed it is moving quickly to raise capital and advance its growth strategy by restarting gold production at its Mazowe and Redwing gold mines.
Namib revealed it had injected US$2,5 million each at these mines for scoping and prefeasibility studies, signalling the company’s intent to accelerate development.
These restarts marked the initial phase of a bold five-year investment plan, with Namib committing between US$300 million and US$400 million to its Zimbabwe operations over the next two to five years.
“Namib Minerals is pressing ahead with groundwork for a US$300 million investment to restore and expand operations at its gold assets in Zimbabwe, in a bold plan to reposition Zimbabwean gold on the global mining map,” Namib said in a statement.
“Preliminary work has already begun at Mazowe and Redwing mines, laying the foundation for redevelopment. At How Mine, plans are underway to scale up production, as part of Namib Minerals’ five-year investment programme.
“The investment will focus on environmental rehabilitation, reopening operations, increasing production capacity, and extensive exploration to double current resources.”
NewsDay Business understands that Namib chief executive officer Ibrahima Tall recently toured Mazowe Gold Mine, Redwing Gold Mine and its current gold-producing mine, How Gold Mine, expressing renewed confidence in the company’s strategy to restart and ramp up operations.
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“Being on the ground in Zimbabwe reinforces our commitment to this landmark investment,” Tall said.
“By implementing our strategy, we will be developing world-class assets that directly support the government of Zimbabwe’s Vision 2030, while also generating lasting value for our stakeholders.”
Vision 2030 entails growing the economy into an upper-middle-income one by that date.
“Addressing the challenge of illegal mining will be critical to maximising the benefits of Mazowe and Redwing,” the miner said.
“Namib Minerals is calling for coordinated action to ensure safe operations, protect surrounding communities, and deliver sustainable value to the nation.”
Namib has set the first quarter of 2026 to produce its first gold output from Mazowe and Redwing mines.
These two projects will complement its gold-producing How Gold Mine, a high-grade, underground gold mine with a strong track record of operations, having produced an aggregate of approximately 1,82 million ounces of gold from 1941 through December 31, 2024.
Namib recently rang the closing bell at the Nasdaq, signalling its commitment to channel world-class investment into Zimbabwe’s mining industry.
Namib completed a merger with American special purpose acquisition company, Hennessy Capital Investment Corp VI to list on the Nasdaq.
