Namib Minerals Eyes $300m Revival of Two Zimbabwe ...

Namib Minerals Eyes $300m Revival of Two Zimbabwe Gold Mines

**Namib Minerals Chief Executive Ibrahima Tall**

ZimNow Business Desk

Nasdaq-listed Namib Minerals plans to invest US$300 million to revive operations at two of its mothballed gold mines in Zimbabwe, signaling renewed confidence in the country’s mining sector amid rising global bullion prices and stabilizing local economic conditions.

Chief Executive Ibrahima Tall confirmed the investment plan in an interview with Reuters on Tuesday, saying the capital injection would support the restart of the Mazowe and Redwing mines, whose operations were suspended in 2018 and 2019, respectively, due to economic headwinds.

“Interest from investors on Nasdaq has been very good,” Tall said during his visit to Harare. “Once financing is secured, we anticipate production at both sites to resume within 18 to 24 months.”

Mazowe, located north of Harare, is home to 1.2 million ounces of gold with an average grade of 8.4 grams per metric ton—a high-grade deposit by global standards. Redwing, near Zimbabwe’s eastern border with Mozambique, contains 2.5 million ounces at 3.07 grams per ton.

Namib Minerals currently operates How Mine, just outside Bulawayo, which produced 37,000 ounces of gold in 2024—a 9% rise from the previous year. The company, formed from a merger of former Metallon Corporation assets and Red Rock Acquisition Corporation (formerly Hennessy Capital Investment Corp. VI), debuted on Nasdaq in June 2025.

The $300 million reboot aligns with a broader rebound in Zimbabwe’s gold mining sector, driven by bullish international gold prices and a relatively calm macroeconomic climate after years of policy and currency turbulence.

Industry watchers say the move could catalyze further interest in Zimbabwe’s rich but undercapitalized gold fields. Caledonia Mining Corporation, which owns the Blanket Mine in Gwanda, is also seeking to raise $250 million to develop what could become Zimbabwe’s largest gold mine to date.

With gold exports accounting for over 40% of Zimbabwe’s foreign exchange earnings, revived production at Mazowe and Redwing could significantly boost the country's mineral output and investor confidence.