Gold miner Namib Minerals has agreed draft terms with Ecobank Zimbabwe for a proposed US$30 million loan to work out how big its Redwing Mine in Penhalonga could become.

The company announced the deal on 22 October. Its subsidiary, Bulawayo Mining Company, signed a non-binding term sheet with the bank for a 36-month loan that would not require the company to issue new shares. Mining Zimbabwe, NewZimbabwe and Mining Weekly have all reported it.

Not a done deal yet

The loan is not final. Namib says it still depends on signing full loan documents and meeting the usual conditions, and it warns there is no guarantee the money will be paid out. NewZimbabwe's report describes the facility as 30 months; the company's own release says 36.

If it goes through, the money would pay for work on the mine's hoist, expanding and maintaining the milling plant, drilling equipment, mine development and more exploration drilling to grow the gold resource.

The term sheet also says Ecobank and the wider Ecobank Group could act as lead arranger and underwriter for building a larger mine later, once a full feasibility study is done. The size and terms of that later funding have not been set.

Chief financial officer Sphe Mchunu said in the release that the bank's support "further reflects confidence in our resources and operating record", and that the company's focus was "establishing the basis for a disciplined construction decision".

Where Redwing stands

Redwing has been on care and maintenance. Namib finished pumping water out of the underground workings on 21 September, ahead of its own fourth-quarter target, Mining Zimbabwe reported at the time.

The new loan would cover what the company calls Step 3 of its five-step plan for the mine: resource definition and showing banks the project is worth financing. Namib says this includes about 8,750 metres of surface drilling and is aimed at the fourth quarter of 2027. An earlier US$6.5 million loan from BancABC, secured in September, already covers part of this stage.

Separately, Namib is restarting mining in older, already-developed parts of Redwing using the existing plant, with first gold targeted by January 2027. In its half-year results the company linked that timing to a Ministry of Mines policy requiring foreign-owned operators to be above set production and investment levels by 1 January 2027.

Why it matters

The study work will decide whether Redwing can become a larger gold operation in Manicaland, and how much it would cost to build.

It is also a Zimbabwean bank offering to fund a large mining project with debt rather than buying shares, and Ecobank is lined up to help arrange money for the construction phase if the study backs it.

Namib, which is listed on the Nasdaq exchange in New York, also runs How Mine, its one producing mine. It said on 8 October that it had finished commissioning an expanded mill there, which it says should lift monthly processing from about 40,500 tonnes to 55,000 tonnes by December. The company says it will give further updates on the Ecobank loan as talks continue.

Sources: Namib Minerals press release, 22 Oct 2026: https://www.namibminerals.com/investors/news-events/press-releases/detail/108/namib-minerals-signs-indicative-us30-million-ecobank-term-sheet-for-redwing-bankability-programme · Mining Zimbabwe (Ryan Chigoche), 23 Oct 2026: https://miningzimbabwe.com/namib-minerals-signs-30-million-ecobank-term-sheet-for-redwing-mine/ · NewZimbabwe (Business Reporter), 24 Oct 2026: https://www.newzimbabwe.com/ecobank-extends-us30-million-loan-facility-to-local-miner/ · Mining Weekly, 23 Oct 2026: https://www.miningweekly.com/article/namib-minerals-signs-indicative-30m-ecobank-term-sheet-for-redwing-bankability-programme-2026-10-23 · Mining Zimbabwe (Rudairo Mapuranga), 22 Sep 2026: https://miningzimbabwe.com/namib-minerals-completes-redwing-dewatering-ahead-of-schedule/ · Namib Minerals first-half 2026 results release: https://www.namibminerals.com/investors/news-events/press-releases/detail/106/namib-minerals-reports-first-half-2026-financial-results-and-provides-business-update · Namib Minerals press release, 26 Oct 2026: https://www.namibminerals.com/investors/news-events/press-releases/detail/109/namib-minerals-announces-expanded-milling-plant-at-how-mine-operating-at-full-capacity-ahead-of-schedule · MiningHub, Oct 2026: https://mininghub.com/company/namib-minerals/insights/namib-minerals-hits-full-55-000-tpm-rate-at-how-mine-mill-15474591