Namib Minerals is funding the restart of Zimbabwe mines and initiating DRC exploration using cash flow from its How gold mine. A feasibility study aims to boost output, while early drilling in the DRC indicates promising copper and cobalt potential. The company expects resource declarations by year-end.
Namib Minerals (Nasdaq: NAMM) is strategically utilizing cash flow generated from its How gold mine in Zimbabwe to finance the revitalization of two additional mines and to support exploration initiatives for copper and cobalt in the Democratic Republic of the Congo (DRC), according to CEO Ibrahimia Tall. A feasibility study is currently being conducted to enhance the output of How, which produced a total of 27,000 ounces last year.
In an interview with The Northern Miner, Tall shared that the company is focused on re-establishing operations at its Mazowe and Redwing mines, aiming to bolster production capabilities in Zimbabwe. He stated, “We are cash generators and we intend to generate way more cash when we reopen these mines,” emphasizing the company’s commitment to increasing profitability.
The cash flow from the How mine will also enable exploration and development across 13 battery metal permits in the DRC, where initial drilling has indicated promising near-surface copper and cobalt potential. Tall expressed optimism, indicating that Namib Minerals anticipates converting some of these permits into declared resources by the end of the year. A video interview featuring this discussion is available with MINING.com host Devan Murugan.
In summary, Namib Minerals is proactively leveraging its cash flow from the How gold mine to revive operations at two other mines in Zimbabwe while also expanding its exploration for battery metals in the DRC. The company’s efforts reflect a clear strategy to enhance production and ensure financial growth, with expectations of resource declarations by year-end.
Original Source: www.mining.com
