Nasdaq-listed Namib Minerals is moving swiftly to raise capital as part of an aggressive expansion strategy for its gold mining operations in Zimbabwe. The company aims to capitalise on strong bullion prices while simultaneously laying the groundwork to develop its copper and cobalt assets in the Democratic Republic of Congo (DRC), Mining Zimbabwe can report.
By Ryan Chigoche
This was revealed in a recent interview where Namib CEO Ibrahima Tall outlined the company’s strategy, stressing the need to accelerate the expansion of its Zimbabwean gold mines. He noted that boosting production now will not only allow Namib to capture value from today’s high bullion prices but also generate capital to fund its future-facing critical mineral projects.
Gold miners worldwide have enjoyed several strong years, with prices reaching record highs amid geopolitical tensions and global economic uncertainty. While many operators are turning their attention to cobalt and copper — metals critical to the energy transition — gold remains the backbone of profitability for most.
For Namib Minerals, Zimbabwe’s gold mines are the anchor of its growth plan. Fresh from its Nasdaq debut through a SPAC merger, the company has gained global visibility and access to capital to accelerate expansion. It already operates its flagship How Mine and has committed US$300 million to restarting the Mazowe and Redwing gold mines, underscoring Zimbabwe’s importance as the foundation of its portfolio.
Tall underscored the urgency of this push, saying the company looks to scale up its Zimbabwean operations quickly to take advantage of favourable gold market conditions.
“We know that all predictions are saying that the gold price will keep going high, very high. Some are already forecasting the gold price to go beyond 4,000 for the next year. Expanding these mines is one of the main reasons we are looking for this investment, because expanding quickly will take advantage of the current gold price. We believe in gold being high for the next at least five to six years. So yes, this is going to be a good opportunity for anyone who would like to invest in gold and who will see a company being there for creating opportunities and value for investors.”
Tall noted that geopolitical instability continues to drive investors toward gold, reinforcing the company’s confidence in sustaining high prices.
Looking further ahead, Namib is preparing to diversify into copper and cobalt production from its assets in the DRC. However, Tall underscored that it is gold — and particularly the company’s Zimbabwean operations — that will anchor Namib’s future.
“Our goal and vision is to reopen two of these [gold] mines, which are actually currently under maintenance, to expand them to make them way bigger, and then expand into the Democratic Republic of Congo and have producing assets in the copper and cobalt sector going forward. Strategically, this is a way for us to balance, in terms of risk. Gold is very trendy right now. We believe in gold. But we also are mindful of the future and being able to contribute to saving the planet for the next generation,” Tall added.
The company’s optimism is shared by major financial institutions. Goldman Sachs projects gold could hit US$3,700/oz in 2025 and possibly test US$4,000/oz by 2026, while J.P. Morgan expects similar momentum. ANZ has also raised its outlook to around US$3,800/oz, citing strong central bank buying and expectations of lower U.S. interest rates.
