Namib Minerals has finished commissioning the expanded milling plant at How Mine, its main gold mine in Zimbabwe. Monthly processing capacity rises about 36%, from roughly 40,500 tonnes of ore to 55,000 tonnes, and the company aims to run at full capacity by December.
At a glance
- The expansion was completed ahead of the mid-October deadline the company had set.
- Namib is targeting an annualised output rate of more than 30,000 ounces of gold at current grades.
- How much output actually rises depends on the pace of the ramp-up and on ore grades.
Background
Namib Minerals, which trades under the ticker NAMM, owns How Mine in Matabeleland South, Zimbabwe, along with the Redwing mine it is preparing to restart. A mill crushes and grinds ore so the gold can be recovered, so mill capacity sets how much ore a mine can process each month.
What happened
Namib Minerals has completed commissioning of its expanded milling plant at How Mine, Zimbabwe's Herald newspaper and African Mining Market reported on October 9. The company said the work was finished ahead of the mid-October deadline it had previously given.
The expansion raises How Mine's monthly processing capacity from about 40,500 tonnes of ore to 55,000 tonnes, an increase of about 36%.
What comes next
Chief executive Tulani Sikwila said the focus now shifts to a steady ramp-up to full capacity. The company's target is to reach it by December 2026, and it is aiming for an annualised output rate of more than 30,000 ounces of gold at current grades.
That is a target, not a result. Actual output growth will depend on how quickly the ramp-up goes, the grade of the ore and whether the mine can sustain higher throughput.
How it got here
Namib first announced the mill expansion in November 2025. In April 2026 it gave 2026 production guidance of 28,000 to 31,500 ounces of gold. In a June update it said the mill shell had arrived on site and that construction and commissioning remained on track for the second half of the year.
The company is also dewatering the Redwing mine, work that began on January 29, 2026. It expects that dewatering to be completed by late 2026.
Our read
Outlook: neutral. How Mine is a small producer in global terms. A few thousand more ounces a year will not move the gold price.
What to watch
- Whether How Mine reaches full mill capacity by the December 2026 target.
- Whether 2026 output lands within the 28,000 to 31,500 ounce guidance.
- Progress on dewatering the Redwing mine ahead of a restart.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-10-24.
Detailed analysis
Timeline
- 2025-11: Namib Minerals announces the How Mine mill expansion.
- 2026-01-29: Dewatering of the Redwing mine begins.
- 2026-06-02: Namib says the mill expansion remains on track for the second half of 2026.
- 2026-10-09: Commissioning of the expanded How Mine mill is reported complete.
Supply Drivers
Namib is also dewatering the Redwing mine ahead of a restart, which it expects to complete by late 2026.
Mining Production
A larger mill lets How Mine process about 36% more ore each month, if the mine can supply it.
What could lift prices
- The expansion was finished ahead of the company's own mid-October deadline.
- The company is targeting an annualised rate above 30,000 ounces at current grades.
What could weigh on prices
- Output gains depend on the ramp-up pace and on ore grades.
- Full capacity is not targeted until December 2026.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Zimbabwe | Low | One of its gold mines can now process more ore each month. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Gold Mining | Positive | A larger mill raises How Mine's processing capacity. |
Who gains, who loses
- Namib Minerals: It can process more ore at its main mine once the ramp-up is complete.
Other ways this could play out
- If the ramp-up goes to plan, How Mine could be running at full capacity by December.
- If grades or throughput disappoint, the output gain could be smaller than the capacity increase.
Price risks
- The gold price is set by global markets, not by one small producer.
- A higher gold price would make the extra ounces more valuable to the company.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
