AMERICAN special purpose acquisition company, Hennessy Capital Investment Corp. VI (HCVI), and miner Namib Minerals have merged into a single entity, which was listed on the United States-based Nasdaq stock exchange on Friday last week.
The new unit, Namib, was listed on the Nasdaq, with its shares closing at US$31,22 per share.
It closed with a market capitalisation of US$457 million, below the initial prediction of US$500 million.
The opening price was US$17,20 per share.
The merger was first announced by HCVI in June last year.
The merger was approved by HCVI stockholders at a special meeting held on May 6, following initial delays.
Namib, through its operating arm, Greenstone Corporation, owns three gold mines locally — Mazowe Gold Mine, Redwing Gold Mine and How Gold Mine. It also has interests in the Democratic Republic of Congo (DRC).
“Today is an important milestone in Namib Minerals’ journey. Becoming a publicly listed company positions us to accelerate development across our portfolio and deepen our role in the future of African mining,” Namib’s chief executive officer, Ibrahima Tall, said in a statement.
- Chevrons' sparring partners named
- The Empire continues to strike back
- HDF, EIB partner to implement Namibia’s first green hydrogen power plant
- Namibia takes down statue of German colonial officer
Keep Reading
“We are excited to continue the momentum as we advance our mining platform, create lasting value for our stakeholders and shape Africa’s future with gold and green minerals, marking a new era of resource discovery.”
Namib’s ordinary shares and warrants are trading on the Nasdaq as NAMM and NAMMW, respectively.
According to Namib, the listing strengthens its position as a leading gold and green minerals company in sub-Saharan Africa.
“Namib’s historical track record of owning and operating gold mines spans over two decades, and its strategic footprint consists of one producing gold mine and two historically producing gold mines that Namib is currently positioning to restart operations,” it said.
“Namib’s How Mine is an established, high-grade, underground gold mine with a strong track record of operations, having produced an aggregate of approximately 1,82Moz (million ounces) of gold from 1941 through December 31, 2024.”
Namib’s research shows that How Mine has a history of consistently operating within budget, with one of the lowest production cost profiles among its publicly reporting peers.
Namib’s other principal assets, Mazowe Mine and Redwing Mine, are historically producing gold mines with significant mineral resources.
“These assets provide Namib with an identified pathway to operate as a multi-asset gold producer in Africa, as preparatory work is currently underway to restart operations at both mines,” Namib said.
“In the DRC, an established mining jurisdiction for these metals, Namib has an interest in 13 exploration permits, which include six initial drilling holes with identified copper and cobalt potential.”
Commenting on the listing, HCGL founder and managing partner, as well as HCVI chairperson and chief executive officer, Daniel Hennessy, said the firm was excited to see what the listing meant.
“We are excited to see this merger successfully realised and congratulate Namib on this milestone,” he said.
“As a public company, Namib is well-positioned to further expand its mining assets and explore strategic investments to complete its growth plans and create significant and sustained value for all stakeholders.”
The listing allows Namib to access significant capital for its capital expenditure needs, as the listed entities on the Nasdaq have a combined valuation of over US$30 trillion.
