The listing will give Namib full ownership of Greenstone’s mining and exploration assets, which include 13 licenses in the Democratic Republic of Congo’s (DRC) Haut-Katanga and Lualaba provinces.
Initial drilling at the DRC sites has shown promising copper and cobalt deposits, key metals for the global energy transition. Six exploration drill holes have been completed so far, with early results indicating significant resource potential.
Namib plans to use proceeds from its initial public offering (IPO) to fund further exploration across its DRC licenses. The company is betting on rising demand for copper, which is expected to increase by one million tonnes annually until 2035, driven by electric vehicles and renewable energy technologies.
The DRC, which accounts for about 65% of newly identified global copper reserves, remains one of the world’s most important regions for copper and cobalt production. Despite its vast resource potential, the country’s mining sector faces challenges related to governance, infrastructure, and political risk.
Namib has not yet disclosed detailed exploration plans for its DRC licenses, but the company’s current priority is completing its merger with SPAC Hennessy Capital Investment Corp. VI. The deal, announced in June 2024, involves Namib selling 30 million shares to raise $500 million.
The transaction is expected to close in early 2025, subject to regulatory approvals.
In addition to its DRC exploration projects, Namib Minerals holds three gold mines in Zimbabwe. One of these mines, a historic operation, has produced 1.8 million ounces of gold since it began operations in 1941.
The company is positioning itself to take advantage of long-term demand for critical minerals as the global shift toward decarbonization intensifies.
