How Mine is pushing ahead with a major capacity expansion, with the upgraded milling facility expected to come online in the second half of 2026, targeting a 36% increase in throughput from 40,500 to 55,000 tonnes per month, Mining Zimbabwe can report.
By Rudairo Mapuranga
According to How Mine’s parent company, Nasdaq-listed Namib Minerals, in its FY2025 report, the expansion comes as the mine reported full-year 2025 production of approximately 25,000 ounces, down from 37,239 ounces in 2024, reflecting a lower-grade environment that impacted output. Despite the dip, revenue held firm at US$82.6 million, buoyed by a strong gold price.
Management has implemented several initiatives to improve grade consistency, including tighter grade control, improved mine planning, and stronger operating discipline underground. These measures are intended to support more predictable production and cost performance going forward.
“The planned expansion of ore milling capacity at How from 40,500 to 55,000 tonnes per month remains on track,” Namib Minerals confirmed in its business update. Capital expenditures in 2025 focused on shaft deepening, underground development, tailings infrastructure, and equipment upgrades.
For 2026, How Mine has been given clear production guidance: 28,000 to 31,500 ounces, with all-in sustaining costs (AISC) of US$2,400 to US$2,700 per ounce, and adjusted EBITDA of US$50 million to US$62 million. The guidance assumes a gold price of US$4,500 per ounce.
How Mine remains the primary cash-generating asset for its parent company, funding both operational stability and broader growth strategies, including the restart of regional brownfield projects. The mine’s resilience, even in a lower-grade environment, underscores the strength of the operation and the benefit of a supportive gold price.
“We continue to focus on operational efficiency improvements at How while advancing development work at our brownfield growth projects,” said Namib Minerals CEO Tulani Sikwila.
The company views 2025 as a period of elevated investment and expects sustaining capital to normalise in 2026, supporting increased free cash flow as production levels recover.
