US-based Namib Minerals should soon complete its listing on the Nasdaq stock market, according to statement dated December 9, 2024. The listing is expected to grant the mining company full ownership of the mining and exploration assets of Greenstone, a private equity fund specializing in the mining sector.
The exploration assets include 13 licenses in the Haut-Katanga and Lualaba provinces of the Democratic Republic of Congo (DRC), where six initial drill holes have already been completed, indicating significant copper and cobalt potential. Namib Minerals aims to leverage its upcoming IPO to secure additional funding for exploration works.
The company's interest in the DRC emerges amidst a rising long-term demand for copper, driven by the energy transition. According to BHP, this transition should push up demand for copper by one million tonnes annually until 2035.
The DRC, the world's second-largest copper producer, holds substantial potential for new discoveries; by 2023, it accounted for 65% of the world's newly identified copper reserves.
Currently, Namib Minerals has not disclosed specific details about its exploration programs in the DRC. For now, the firm focuses on finalizing its merger with SPAC Hennessy Capital Investment Corp. VI. Under the deal these two firms sealed in June 2024, Namib will sell 30 million of its shares for $500 million. This transaction is expected to close in the first quarter of 2025, pending necessary approvals.
Namib Minerals' flagship assets include three gold mines in Zimbabwe. One of them has produced 1.8 million ounces from 1941 to 2023.
PM with Ecofin Agency
