Nasdaq-listed multi-asset miner Namib Minerals, having taken a strategic approach to 2025, has lowered production guidance at its How Mine operation while simultaneously laying the groundwork for expansion at its Redwing and Mazowe mines. In its latest operational update, the company said the move is aimed at grade optimisation and operational stability, Mining Zimbabwe can report.
By Ryan Chigoche
For the 2025 financial year, output from How Mine is expected to fall to 24,000–25,000 ounces, down roughly 32–34% from the 36,600 ounces produced in 2024.
Adjusted EBITDA is projected at US$22–26 million, while all-in sustaining costs (AISC) are forecast to rise to US$2,700–2,800 per ounce.
Namib Minerals said the lower guidance is a deliberate, strategic pullback designed to stabilise ore quality and optimise processing efficiency, rather than a sign of operational weakness.
“Our focus this year remains on stabilising grades and improving processing capacity at How Mine,” the company said. “These improvements are expected to yield stronger and more consistent performance going forward.”
Analysts note that the reduced output underscores a trade-off between short-term volumes and long-term operational health. By concentrating on grade and throughput, Namib Minerals is positioning How Mine to deliver more consistent returns, while freeing management attention and cash flow for the next stage of growth.
WSP Steps In for Redwing and Mazowe
The company’s expansion ambitions are anchored by the appointment of WSP Global Inc., tasked with conducting feasibility studies at Redwing and Mazowe. The 12–18-month studies will verify exploration results, upgrade resources, and deliver SK-1300-compliant reports that form the technical and financial foundation for production restarts.
“The appointment of WSP marks a major step forward in our resource expansion plan and demonstrates our commitment to building a technically robust foundation for the next phase of growth,” the company said.
Namib Minerals said the studies are part of a phased growth strategy designed to align each mine’s production with its underlying resource potential.
By combining How Mine optimisation with development work at Redwing and Mazowe, the company is pursuing a calculated approach: securing short-term stability while preparing new assets to boost its overall production base.
Even as feasibility studies proceed, preparatory work at Redwing has begun. Dewatering is scheduled to start during the study period and is expected to take roughly eight months to reach the targeted mining levels. Surface infrastructure and power upgrades are also being planned to coincide with the restart timeline.
By overlapping feasibility and early-stage site works, Namib Minerals aims to shorten the gap between planning and production, ensuring that once financing is in place, the mines can move quickly into operation.
The company estimates total capital expenditure for Redwing and Mazowe at US$300–400 million, with the bulk of funding allocated to Redwing. Financing is expected to come from a combination of project debt, strategic partnerships, and internally generated cash flows, helping to limit shareholder dilution.
With How Mine entering a consolidation phase and feasibility work progressing at Redwing and Mazowe, the company appears poised to expand its production base over the next 18 months, moving closer to its goal of becoming a multi-mine gold producer in Zimbabwe.
