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Namib Minerals has signed a non-binding term sheet with Ecobank Zimbabwe for a proposed US$30 million loan to advance resource definition and bankability work at Redwing Mine, as the company moves towards restarting the gold asset and assessing its potential for larger-scale development. Mining Zimbabwe can report.
By Ryan Chigoche
The proposed 36-month facility is expected to complete funding for the programme, building on a US$6.5 million loan previously secured from African Banking Corporation of Zimbabwe, trading as BancABC. The Ecobank facility remains subject to definitive agreements and customary conditions.
Namib’s subsidiary, Bulawayo Mining Company, signed the term sheet with Ecobank. The funding would cover hoist-related expenditure, expansion and maintenance of the milling plant, drilling equipment, mine development and further exploration drilling to grow Redwing’s resource base.
The agreement also opens the possibility of Ecobank supporting the mine’s next development stage, with the term sheet envisaging Ecobank and Ecobank Group acting as lead arranger and underwriter for construction financing after completion of a definitive feasibility study. The size and terms of that potential funding have yet to be determined.
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Commenting on the proposed facility, Namib Minerals Chief Financial Officer Sphe Mchunu said it would complete the financing package for Redwing’s resource-definition and bankability programme, subject to the feasibility study’s findings and the conclusion of definitive agreements.
“If completed on the proposed terms, this Facility would, subject to the results of the definitive feasibility study and negotiation of definitive documentation, complete the funding package for Redwing’s resource-definition and bankability programme,” Mchunu said.
The company said it would provide further updates on the facility and progress against its development milestones.
The financing comes as Namib advances work at Redwing following the completion of dewatering in September, clearing the way for an initial restart programme. The company is targeting first gold by January 2027, with work expected to include inspections of underground workings, equipment refurbishment and preparation of existing processing facilities.
The initial restart is separate from the larger development now being assessed. While the restart programme is intended to bring the mine back into production, the proposed Ecobank facility would support resource-definition work to establish the technical and financial basis for a more extensive operation, including its potential scale, capital requirements and construction plan.
Namib secured the US$6.5 million BancABC facility in September to partially fund this stage of development. The company expects the combined funding to cover the programme under its current scope and budget, subject to the necessary agreements and conditions.
The results will inform Namib’s investment decision on the larger-scale development, although completing the programme would not in itself guarantee a move to construction.
At its existing How Mine operation, Namib is also advancing an expansion of processing capacity. The company announced on October 8 that commissioning of an expanded milling plant had been completed, with monthly capacity expected to rise from 40,500 tonnes to 55,000 tonnes. Full capacity is targeted for December 2026.
The expansion at How Mine provides a contrast to Redwing, where the company is still working towards establishing the resource base and capital requirements for a larger operation. Any such development will depend on the outcome of resource-definition work, the definitive feasibility study and arrangements for construction financing.
Namib cautioned that there was no assurance the proposed Ecobank loan would be completed or that development milestones would be achieved within the expected timeframes.