Namib Minerals, a newly listed entity on the Nasdaq, has announced plans to invest US$300 million to recommence production at two of its previously idled gold mines in Zimbabwe. This strategic move is intended to expand its operational footprint and capitalise on rising gold prices amid increasing investor interest and a more stable macroeconomic environment in Southern Africa.
The announcement was made by the company’s Chief Executive Officer, Ibrahima Tall, during a press briefing in Harare on Tuesday. Tall confirmed that the significant investment will focus on the Mazowe and Redwing gold mines, whose operations were suspended in 2018 and 2019 respectively due to Zimbabwe’s adverse economic conditions at the time.
Namib Minerals currently owns three gold mines in the country, with its flagship asset being the How Mine near Bulawayo, which remains operational. The mine produced 37,000 ounces of gold in 2024, marking a 9% year-on-year increase in output. The proposed investment underscores the company’s commitment to reinvigorating Zimbabwe’s historic mining sector, which has faced persistent challenges linked to foreign exchange shortages, erratic regulatory shifts, and underinvestment.
The Mazowe Mine, situated to the north of Harare, is estimated to host 1.2 million ounces of gold at an impressive grade of 8.4 grams per metric tonne, while the Redwing Mine, located near the border with Mozambique, holds approximately 2.5 million ounces at a grade of 3.07 grams per tonne. According to Tall, the restart of operations at both sites is anticipated within 18 to 24 months, contingent on the successful acquisition of capital.
Namib Minerals emerged from a strategic merger involving assets previously held by Metallon Corporation and the U.S.-based Red Rock Acquisition Corporation, formerly known as Hennessy Capital Investment Corp. VI. The company’s listing on Nasdaq in June 2025 marks a notable transition toward attracting international capital for Southern African mining ventures. “Investor sentiment on the Nasdaq has been very encouraging,” Tall remarked, emphasising that various fundraising avenues are currently under consideration.
Zimbabwe’s broader mining sector has begun to see a resurgence, spurred by a confluence of favourable gold prices and increasing macroeconomic stability. Industry observers note that a growing number of foreign and regional players are exploring Zimbabwe’s mineral-rich provinces with renewed interest.
Notably, Caledonia Mining Corporation, which operates the Blanket Mine in Zimbabwe, is also pursuing significant capital to expand its operations. The company is reportedly exploring the possibility of raising around US$250 million to develop what could become Zimbabwe’s largest gold mine.
