By Staff Reporter
WINDHOEK, Dec. 10 — Namib Minerals, an emerging player in Africa’s mining industry, has taken a significant step toward becoming a publicly traded company. In partnership with Hennessy Capital Investment Corp. VI (Nasdaq: HCVI), the company recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC). This development marks progress in Namib Minerals’ proposed business combination with HCVI and plans to list its ordinary shares on the Nasdaq under the ticker symbol “NAMM.”
The proposed business combination values Namib Minerals at a pre-money enterprise value of $500 million, with additional contingent shares tied to achieving operational milestones. This strategic partnership aims to accelerate Namib Minerals’ growth by leveraging Greenstone Corporation’s established portfolio of mining assets.
Greenstone, a subsidiary of Namib Minerals, is a leading African gold producer with operations in Zimbabwe and battery metal exploration permits in the Democratic Republic of Congo (DRC). The partnership will unlock opportunities to restart Zimbabwe’s Mazowe and Redwing gold mines and explore copper and cobalt assets in the DRC, positioning Namib Minerals as a key player in the global battery metals market.
The partnership highlights Greenstone’s extensive experience, demonstrated by the high-grade How mine, which has produced over 1.8 million ounces of gold since 1941. With proven cash flow from this asset, Namib Minerals plans to invest in restarting the Mazowe and Redwing mines. These mines have robust resource estimates, including measured and indicated resources of over 1.5 million ounces of gold and inferred resources exceeding 2 million ounces.
The company also holds 13 exploration permits in the DRC’s resource-rich Haut Katanga and Lualaba provinces. Early drilling results indicate promising potential for copper and cobalt, essential for the fast-growing global battery industry.
The proposed business combination positions Namib Minerals for long-term growth, with a pro forma combined enterprise value of $602 million. The transaction is supported by the boards of HCVI, Greenstone, and Namib Minerals and is anticipated to close in the first quarter of 2025, subject to shareholder approvals and other conditions.
Proceeds from the transaction will fund:
- Continued operations at the How mine.
- Restart of the Mazowe and Redwing mines in Zimbabwe.
- Expansion into the DRC to tap into the battery metals market.
Ibrahima Tall, CEO of Namib Minerals, emphasized the company’s commitment to sustainable and profitable mining operations, stating, “This transaction positions us to advance our strategy while contributing responsibly to the communities where we operate.”
Daniel Hennessy, CEO of Hennessy Capital, underscored Namib Minerals’ strong potential: “With its portfolio of assets and clear growth strategy, Namib Minerals is well-positioned to capitalize on increasing global demand for critical resources.”
Namib Minerals is poised to become a leading Pan-African producer of precious and critical metals. By combining its gold assets with emerging battery metal opportunities, the company is set to deliver long-term value to stakeholders while strengthening its position in Africa’s mining industry.
The planned Nasdaq listing and business combination with HCVI mark a pivotal moment for Namib Minerals as it embarks on an ambitious growth journey in the mining sector.
