Namib Minerals has secured a US$6.5 million term loan from BancABC to fund the next phase of work at Redwing Mine, including an 8,750-metre surface exploration drilling programme aimed at expanding and upgrading the mine’s mineral resource, Mining Zimbabwe can report.
By Rudairo Mapuranga
The facility, secured by the company’s wholly owned subsidiary Bulawayo Mining Company (Private) Limited, will partially fund Step 3 of the Redwing restart plan, which covers resource definition and advancing the Definitive Feasibility Study (DFS) towards bankability.
The financing comes after the company completed the first phase of the restart programme, with dewatering of the historic Redwing underground workings completed on September 21 ahead of schedule. The DFS technical programme, covering engineering, metallurgical, geotechnical, hydrological, environmental and financial workstreams, is currently underway.
The latest funding is intended to support the geological work required to establish a stronger resource base for a potential restart of the Manicaland gold operation. The company said the remaining funding required for Step 3 is expected to come through its broader sequenced financing plan.
