Online Reporter
Nqobile Bhebhe,Zimpapers Business Hub
Namib Minerals has earmarked up to US$400 million to restart operations at two of its Zimbabwean mines, Redwing and Mazowe, the company has announced.
The development follows the mining giant’s recent listing on the Nasdaq stock exchange, a move it says signals its intent to scale up investment in southern Africa.
Preliminary work is already underway at both sites, paving the way for full-scale operations in the near future.
“The restarts mark the initial phase of a bold five-year investment plan, with Namib Minerals committing between US$300 million and US$400 million to its Zimbabwe operations over the next two to five years,” the company said in a statement.
“With Zimbabwe positioned as a central pillar in its portfolio, Namib Minerals appears determined to translate its public listing momentum into tangible, near-term growth on the ground,” it added.
The move is set to boost Zimbabwe’s mining sector, a key contributor to the national economy.
Mining accounts for more than 60 percent of the country’s export earnings and remains central to the government’s vision of transforming Zimbabwe into an upper-middle-income economy by 2030.
The sector is also a major employer and a critical source of foreign direct investment.
Namib Minerals’ investment is expected to complement ongoing efforts by the Second Republic to revitalise idle mines, attract capital inflows, and increase mineral output across key commodities such as gold, platinum, lithium and chrome.
