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Reported Earlier, Namib Minerals Locks In $6.5M Non-Dilutive BancABC Term Loan To Keep Redwing Mine Restart On Milestone Schedule, Partially Funding Step 3

BenzingaBenzinga Newsdesk

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    Namib Minerals Signs Indicative US$30 Million Ecobank Term Sheet for Redwing Bankability Programme

    Namib Minerals' subsidiary Bulawayo Mining Company signed a nonbinding term sheet with Ecobank Zimbabwe for a proposed $30 million, 36-month non-dilutive loan facility to fund Redwing Mine's resource-definition and bankability programme. Combined with previously secured $6.5 million from BancABC, the funding is expected to complete Step 3 of the company's development milestones. Ecobank also contemplates acting as lead arranger for future construction phase financing.