Following a merger with Nasdaq-listed Hennessey Capital Investment Corporation, diversified miner Namib Minerals will soon have a separate listing on Nasdaq, offering investors access to its promising growth strategy.

The $500-million deal with Hennessey will enable Namib to restart two gold mines in Zimbabwe and advance battery metals mining in the Democratic Republic of Congo (DRC).

Upon completion of the transaction, Namib Minerals will acquire Greenstone Corporation’s mining and exploration assets in Zimbabwe. Greenstone is a co-registrant to the transaction and an affiliate of Namib.

Greenstone’s mine produced about 1.8-million ounces of gold between 1941 and 2023. The mine is located in the Bulawayo greenstone belt of Southern Zimbabwe.

Additionally, Namib is advancing efforts to restart the Mazowe and Redwing mines, which are both historically significant producers in Zimbabwe. These mines have total measured and indicated resource estimates of 291 000 oz and 1.1-million ounces, respectively.

The merger will, therefore, result in a four-million-ounce gold resource across three mines for the enlarged group. 

Namib Minerals also holds 13 battery metals exploration permits in the DRC, with initial drilling showing promising copper and cobalt potential.

These assets, located in the resource-rich Haut Katanga and Lualaba provinces, position the company to capitalise on the growing global demand for battery metals.

“As Namib Minerals takes this significant step toward becoming a publicly traded company, we remain dedicated to our mission of creating safe, sustainable, and profitable mining operations,” said Namib Minerals CEO Ibrahima Tall.

“We are excited about the opportunities this partnership creates to deliver long-term value to our stakeholders while contributing responsibly to the communities where we operate,” he adds.

Hennessey CEO and chairperson Daniel Hennessey comments that filing the registration statement marks an important milestone in the proposed Namib-Hennessy business combination.

“We are proud to support Namib Minerals as it continues to build a leading pan-African platform for precious and critical metals production. Namib Minerals stood out as a compelling partner owing to its history of mining in precious metals, opportunities for future expansion and its mission to create safe, sustainable and profitable operations in the communities it serves.”

Hennessey concludes that with its strong portfolio of assets and clear growth strategy, Namib Minerals is well-positioned to capitalise on increasing global demand for these essential resources.