NASDAQ-listed Namib Minerals (Namib) has set the first quarter of 2026 as the production target for its Mazowe and Redwing gold mines in Zimbabwe.
The miner, fresh off its successful Nasdaq listing, announced Tuesday that it is mobilising capital to restart operations at both mines, with preliminary work already underway.
The move forms part of an aggressive five-year investment plan, with spending now revised upward to between US$300 and US$400 million — surpassing its initial US$300 million commitment in February.
The Mazowe and Redwing projects will complement Namib’s existing How Mine, a high-grade underground operation with a proven track record.
Since 1941, How Mine has produced 1,82 million ounces of gold, including 36 700 ounces in 2024 — an 8% increase year on year.
Revenue for the year hit US$85,9 million, up 32%, with the mine remaining cash-flow positive.
Namib’s expanded investment underscores its confidence in Zimbabwe’s gold sector as it positions itself among the country’s top producers.
“The company is undertaking preparations for dewatering at both the Redwing Mine and the Mazowe Mine. These activities are expected to be completed at both mines in approximately eight months, or early 2026, based on current planning,” Namib said in a filing made to the United States Securities and Exchange Commission.
- Namib targets Q1 2026 Zim production
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“Assuming successful dewatering, together with near term efforts focused on the completion of mine design, facility upgrades, and equipping of the mines, as well as other critical pre-operational activities (some of which are expected to require additional financing, if available on acceptable terms), we are targeting a first gold pour in the first quarter of 2026.”
The miner said in addition, it expected to commence exploration activities in the Democratic Republic of Congo (DRC) in the third quarter of this year, pending final permitting.
Namib, through its operating arm, Greenstone Corporation, owns Mazoe Mine, Redwing Mine and How Gold Mine.
It also has interests in the DRC.
However, there has been no commercial production at the Mazoe Mine or Redwing Mine, as each mine has been under care and maintenance since August 2018 and April 2019, respectively..
