Ibrahima Tall

GOLD production from Zimbabwe surged last year as miners sought to capitalise on record prices for bullion. Even the government joined in saying it would apply a 10% royalty (though only when gold was at $5,000/oz). In any event, Ibrahima Tall’s Namib Minerals is hoping to add its name to the long list of new producers. It already operates How Mine, which dates back to 1941, producing 36,600oz in 2024 and adjusted ebitda of $25m. But for scale it is also running feasibility studies on the currently mothballed Redwing and Mazowe operations. If they sound familiar, it’s because they were once run by Mzi Khumalo of Metallon Corporation fame.

Khumalo’s former company merged with US firm Red Rock Acquisition Corp, known previously as Hennessy Capital Investment Corp, which brought a Nasdaq listing with it. That may come in handy as Tall looks to finance his plans. An estimated $300m to $400m is required, and interest so far has been “very good”, he says. Production could resume within 18 to 24 months of Namib Minerals securing the money.

The long-term vision is to build Namib Minerals into a multi-asset, mid-tier gold producer, working towards a strategic goal of ultimately producing 300,000oz annually. Quite how Zimbabwe’s new royalty will affect their feasibility – Redwing or Mazowe are old mines – is up for question. Tall, previously of Canada’s SEMAFO before its takeover by Endeavour Mining in 2020, is also hoping to progress copper and cobalt prospects in the Democratic Republic of the Congo. It has joint-ventured with a local partner on 13 exploration targets.