Namib Minerals injects US$300m to revive Zimbabwe mine

Published: 31 July 2025

Leading Zimbabwean gold producer How Mine, now under the ownership of Namib Minerals, is entering a new growth phase as the company embarks on a US$300 million investment drive to revive Mazowe and Redwing mines.

The move follows Namib Minerals' high-profile listing on the Nasdaq in June 2025, capped last Friday by the ceremonial ringing of the Nasdaq Closing Bell in New York. The event was attended by company executives, regional business leaders, and Zimbabwean diplomats in a symbolic gesture of Africa's increasing presence in global capital markets.

Namib Minerals chief executive Ibrahima Tall confirmed the planned capital injection, which will target the resumption of operations at Mazowe and Redwing gold mines, both shuttered in 2018–2019 amid Zimbabwe's severe economic downturn. Production restart is projected within 18 to 24 months, subject to full capital mobilisation.

Mazowe Mine, located north of Harare, boasts an estimated 1.2 million ounces of gold with a high-grade deposit of 8.4 grammes per tonne. Redwing, in Penhalonga, Manicaland, holds approximately 2.5 million ounces at a grade of 3.07 grammes per tonne. Together with How Mine - the company's flagship operation outside Bulawayo - the portfolio positions Namib as a major player in Southern Africa's gold sector.

How Mine produced 37,000 ounces of gold in 2024, a 9% year-on-year increase, and accounts for more than half of the company's total output.

Namib Minerals was formed through the strategic consolidation of assets previously owned by Metallon Corporation and US-based Red Rock Acquisition Corporation. Metallon, founded by South African businessman Mzi Khumalo, once owned How Mine, Mazowe, Shamva, Redwing, and Arcturus mines but was forced to restructure following operational and financial setbacks.

Mazowe and Redwing's revival comes after years of disruption. Redwing, in particular, was overrun by politically connected gold barons and artisanal miners following its closure. Reports implicated Zanu PF-linked figures, including gold dealer Pedzisayi "Scott" Sakupwanya, in illegal exploitation of the site. Namib now holds the legitimate mining rights and has moved to reassert full operational control.

Namib's Nasdaq debut marks a shift towards tapping international capital markets for African mining ventures. Tall said investor sentiment in New York had been "very encouraging," signalling confidence in the company's growth strategy and in Zimbabwe's re-engagement with global investors.

"This investment will focus on sustainable, world-class operations at Mazowe and Redwing while supporting How Mine's continued growth," Tall said.

The company's re-entry into full-scale operations could significantly boost Zimbabwe's gold output at a time when the sector is benefiting from strong bullion prices and rising investor interest in Southern Africa's mineral resources.
- online

Tags: Gold,