NAMIB Minerals’ Redwing Mining Company has applied to the High Court for voluntary corporate rescue, adding a new development to efforts to revive the historic Penhalonga gold mine, Mining Zimbabwe can report.
By Ryan Chigoche
The application comes as the mine undergoes a major dewatering programme following its acquisition by Namib Minerals in 2025, as the company works towards restoring the long-dormant operation to production.
Redwing, through its legal counsel, confirmed the development in a notice to shareholders, employees, creditors and other affected parties.
“Notice is hereby given to the shareholders, employees, creditors and any affected person of Redwing Mining Company that a court application for the placement of the company under corporate rescue was filed with the High Court,” the company said.
“It therefore follows that corporate rescue proceedings have commenced in terms of the Insolvency Act.”
The corporate-rescue process will place Redwing’s affairs under a formal restructuring framework, with the company’s financial and operational position subject to assessment as it seeks to establish a sustainable way forward.
The development comes as Namib Minerals continues with its plans to revive the operation after acquiring Redwing in 2025, with the new owner seeking to introduce modern environmental, social and governance practices and greater operational discipline to support long-term production.
Dewatering began in January 2026 and is scheduled for completion towards the end of the year, after which Redwing plans to undertake a definitive feasibility study based on physical access to the underground workings, condition assessments and preliminary engineering work.
The revival has brought renewed attention to Redwing’s substantial gold resource base. The mine has an estimated 1.19 million ounces of gold at 3.83 grammes per tonne in Measured and Indicated Mineral Resources across 9.65 million tonnes.
Its Indicated Mineral Resource accounts for 1.33 million ounces at 2.61 grammes per tonne across 15.83 million tonnes, while additional gold resources have also been classified as Inferred.
Redwing has operated in Zimbabwe for more than a century, including previous periods under Lonrho Zimbabwe and Metallon Gold.
However, the operation has endured years of disruptions, with widespread illegal and informal artisanal mining adding to the challenges of maintaining formal operations.
The unregulated mining resulted in severe environmental degradation, open shafts and hazardous working conditions, with several fatal underground collapses recorded over the years.
Regulatory authorities, including the Environmental Management Agency (EMA), previously issued suspension orders involving tributary entities following fatalities and concerns over unregulated gold panning on the concession.
The latest application adds a financial and legal dimension to Redwing’s long-running revival efforts, with the corporate-rescue process now running alongside Namib Minerals’ ongoing dewatering and preparations for the feasibility study.
