Bloomberg
Namib Minerals plans to invest as much as $400 million in reviving two gold mining ventures in Zimbabwe over the next five years.
The company is restarting the Redwing and Mazowe mines, which jointly hold 3.7 million ounces of gold, Namib Minerals Chief Executive Officer Ibrahima Sory Tall said Tuesday in an emailed statement. The two mines were under care and maintenance between 2019 and 2020.
Namib Minerals, which started trading on the Nasdaq last month, already operates the How Mine near Zimbabwe’s second-biggest city of Bulawayo.
The miner expects to reopen Mazowe first, as the high-grade deposit — averaging 8 grams per ton — has lower capital requirements. The larger Redwing mine requires more investment, it said.
