Namib Minerals has announced plans to invest $300m for restarting operations at two of its gold mines in Zimbabwe, as reported by Reuters, citing the company’s chief executive, Ibrahima Tall.
The company is looking to capitalise on the favourable gold prices and more stable conditions within the country.
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The investment will bring back into operation the Mazowe and Redwing mines, which ceased production in 2018 and 2019 respect vely, due to past economic challenges.
Namib Minerals also operates the How mine near Bulawayoin Zimbabwe. The mine produced 37,000 ounces of gold in 2024 – a 9% increase from the previous year.
The company, which was listed on Nasdaq in June 2025 following a merger, is seeking financing options to fund the relaunch.
According to Tall, the resumption of production at the two mines could occur within 18 to 24 months after securing the necessary capital.
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By GlobalData“Interest from investors on Nasdaq has been very good,” Tall stated during an interview in Harare.
The Mazowe and Redwing mines are both estimated to hold significant gold reserves, with Mazowe, located north of Harare, containing 1.2 million ounces (moz) of gold at an average grade of 8.4g/t, and Redwing, near the Mozambique border, holding 2.5moz at a grade of 3.07g/t.
The revival of these mines comes as Zimbabwe’s gold mining sector begins to rebound, with companies such as Caledonia Mining exploring funding options to develop what would potentially be the largest gold mine in the country.
In June 2025, Zimbabwe decided to enforce a ban on the export of lithium concentrates from 2027 to bolster local processing capabilities.
