Namib Minerals signs indicative US$30 million Ecobank loan term sheet for Redwing Mine programme
NAMM•Namib Minerals subsidiary Bulawayo Mining signed a nonbinding term sheet for a proposed US$30 million, 36-month Ecobank Zimbabwe loan for Redwing Mine, subject to definitive documentation and customary conditions.
1. Proposed mine financing
The proposed non-dilutive facility, together with previously secured funding including a US$6.5 million BancABC term loan, would complete funding for resource definition and bankability. Proceeds would fund mine infrastructure, equipment and exploration drilling to expand Redwing’s resource base. Ecobank and Ecobank Group could arrange and underwrite construction financing, subject to completion of a definitive feasibility study and further conditions.
