Namib Minerals is restarting two mines in Zimbabwe and commencing copper-cobalt exploration in the DRC, funded by cash flow from its How gold mine, with production enhancement efforts underway and promising results in early drilling.
Namib Minerals (Nasdaq: NAMM) is leveraging cash flow from its How gold mine in Zimbabwe to restart two additional mines and initiate exploration for copper and cobalt in the Democratic Republic of Congo (DRC). According to CEO Ibrahimia Tall, a feasibility study is in progress to enhance the How mine’s production, which totaled 27,000 ounces last year. The company aims to revive operations at the Mazowe and Redwing mines to expand its production base in Zimbabwe.
During the recent Prospectors and Developers Association of Canada conference in Toronto, Tall stated, “We are cash generators and we intend to generate way more cash when we reopen these mines.” The cash flow from the How mine will also support exploration efforts on 13 battery metal permits in the DRC, with promising early drilling results indicating near-surface copper and cobalt potential. By year-end, Namib Minerals aspires to convert some of these permits into declared resources.
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Namib Minerals is strategically utilizing the cash flow from its How gold mine to enhance its mining portfolio in Zimbabwe and initiate exploration in the DRC. With plans to reopen the Mazowe and Redwing mines, as well as potential developments in battery metals, the company positions itself for growth in the coming year. CEO Ibrahimia Tall’s commitment to growing cash generation underscores the company’s optimistic outlook in the mining sector.
Original Source: www.mining.com
