NAMIB Minerals intends to invest $300m in restarting two dormant gold mines in Zimbabwe, said Reuters citing Ibrahima Tall, CEO of Namib Minerals.
The Nasdaq-listed company aims to bring its Mazowe and Redwing operations back online after suspending production in 2018 and 2019 due to challenging economic circumstances, said the newswire.
The mining firm currently operates the How mine and expects to resume activity at the shuttered sites within 18 to 24 months once financing is secured.
Tall indicated the company is examining multiple funding avenues and noted strong investor interest following its Nasdaq debut in June.
Namib Minerals emerged from the combination of Metallon Corporation’s assets with US-based Red Rock Acquisition Corporation. The Mazowe facility, situated north of Harare, contains 1.2 million ounces of gold reserves at 8.4 grams per metric ton, whilst Redwing, positioned near the Mozambique border, holds 2.5 million oz at 3.07 grams per ton.
The company’s operational How Mine, located near Bulawayo, delivered 37,000 oz in 2024, representing a 9% year-on-year increase. Zimbabwe’s gold sector is experiencing renewed activity as miners respond to elevated gold prices and improved political stability after years of currency fluctuations and policy uncertainty.
Fellow operator Caledonia Mining is similarly exploring raising approximately $250m to develop what could become Zimbabwe’s largest gold mining operation at its Blanket Mine site.
