Namib Minerals has announced plans to invest between $300 million and $400 million over the next five years to restart two gold mines in northern Zimbabwe. The Redwing and Mazowe mines, which were previously under care and maintenance between 2019 and 2020, jointly hold 3.7 million ounces of gold. This investment signals a significant commitment to expanding the company's gold production capabilities.
According to CEO Ibrahima Sory Tall, the company intends to reopen the Mazowe mine first. Mazowe is considered a high-grade asset, averaging 8 grams per ton, and requires lower initial capital requirements for its restart. The larger Redwing mine, which demands more substantial investment, is slated to follow in the company's phased revival plan.
This substantial capital expenditure is a key component of Namib Minerals' strategy to translate its recent public listing momentum into tangible growth on the ground. The investment aims to significantly increase the company's operational output and reinforce Zimbabwe's position as a central pillar in its mining portfolio. The company is exploring various options for raising the required capital.
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