Namib Minerals is restarting two mines in Zimbabwe and exploring for copper and cobalt in the DRC using cash flow from its How gold mine. CEO Ibrahimia Tall outlines plans to increase production and convert battery metal permits into resources by year-end.
Namib Minerals (Nasdaq: NAMM) is strategically utilizing the cash flow generated from its How gold mine in Zimbabwe to support the recommencement of operations at two additional mines and to finance exploration activities for copper and cobalt in the Democratic Republic of Congo (DRC). According to CEO Ibrahimia Tall, a feasibility study is currently underway to enhance How’s production, which totaled 27,000 ounces last year.
CEO Tall elaborated that the company is actively working to revive the Mazowe and Redwing mines to expand its production capabilities in Zimbabwe. He emphasized the company’s potential, stating, “We are cash generators, and we intend to generate way more cash when we reopen these mines” during the recent annual Prospectors and Developers Association of Canada conference in Toronto.
Additionally, the cash flow from the How mine will facilitate exploration and development efforts on 13 battery metal permits in the DRC, where early drilling results indicate promising near-surface copper and cobalt opportunities. Namib Minerals anticipates that some of these permits will be converted into identified resources by the year’s end. The full interview featuring CEO Tall is available below, hosted by MINING.com’s Devan Murugan.
In summary, Namib Minerals is leveraging its existing gold mine’s cash flow to reinvigorate other mining ventures in Zimbabwe and explore opportunities for battery metals in the DRC. The ongoing feasibility study and exploratory drilling signify the company’s proactive approach towards enhancing production and resource identification, positioning it for significant future growth.
Original Source: www.mining.com
