Namib Minerals Debuts on Nasdaq Following $609 Million SPAC Merger with Hennessy Capital

By Metals Minerals Publication On Jun 6, 2025 0

Namib Minerals, a prominent African gold and green minerals producer, has officially commenced trading on the Nasdaq Stock Market under the ticker symbol “NAMM” as of Friday, June 6, 2025. This milestone follows the successful completion of its business combination with Hennessy Capital Investment Corp. VI (HCVI), a U.S.-based special purpose acquisition company (SPAC), marking the largest SPAC transaction involving an African company to date.

Details of the Merger

The merger, finalized on June 5, 2025, involved the issuance of 50 million ordinary shares of Namib Minerals, assigning the company a pre-money enterprise value of $500 million. An additional 30 million shares, valued at $300 million, are earmarked for issuance upon the achievement of specific operational milestones, bringing the total implied pro forma enterprise value to approximately $609 million.

This strategic combination not only provides Namib Minerals with enhanced access to capital markets but also positions it as a leading player in the gold and green minerals sector within sub-Saharan Africa.

Operational Footprint

Namib Minerals’ asset portfolio includes three significant gold mining properties located along Zimbabwe’s Bulawayo greenstone belt:

How Mine: An operational, high-grade gold mine with a production history dating back to the 1940s.
Mazowe Mine and Redwing Mine: Both are historically productive mines currently undergoing preparations for operational restart.

Additionally, Namib holds exploration permits in the Democratic Republic of Congo (DRC), focusing on copper and cobalt, aligning with the growing demand for green minerals.

Leadership Perspective

Ibrahima Tall, CEO of Namib Minerals, emphasized the significance of this development, stating:

“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.”