# Namib Minerals unit signs nonbinding $30 million Ecobank Zimbabwe term sheet for Redwing

> Namib Minerals' Bulawayo Mining signed a nonbinding $30 million, 36-month Ecobank Zimbabwe term sheet to fund Redwing Mine's resource-definition and bankability work.

- Published: 2026-10-23T00:06:34+00:00
- Section: Funding
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-23/namib-minerals-ecobank-term-sheet
- Source: [Stock Titan](https://www.stocktitan.net/news/NAMM/namib-minerals-signs-indicative-us-30-million-ecobank-term-sheet-for-zwofz1m61dz2.html)

## Key takeaways

- Bulawayo Mining Company signed a nonbinding $30 million, 36-month term sheet with Ecobank Zimbabwe for Redwing Mine.
- The proposed facility would fund hoist expenditures, milling plant expansion, drilling equipment, mine development and exploration drilling.
- Step 3 of the Development Milestones was partly funded by a $6.5 million non-dilutive term loan from African Banking Corporation of Zimbabwe.

[Namib Minerals](https://akta.pro/company-profiles/00055kc/namib-minerals)' subsidiary, Bulawayo Mining Company (Private) Limited, signed a nonbinding term sheet with Ecobank Zimbabwe Limited for a proposed non-dilutive $30 million, 36-month loan facility, the company said on October 22, 2026. [Stock Titan](https://www.stocktitan.net/news/NAMM/namib-minerals-signs-indicative-us-30-million-ecobank-term-sheet-for-zwofz1m61dz2.html) published the announcement.

## Namib's Redwing Facility Terms and Conditions

The proposed facility remains subject to completion of customary conditions precedent and execution of definitive documentation, the company said. On the proposed terms, the facility together with previously secured funding allocated to the programme is expected to provide the funding required to complete Step 3 of the Development Timelines and Milestones, which focuses on resource definition and establishing Redwing Mine's bankability.

[Tradeview](https://www.tradingview.com/news/globenewswire:58b974773094b:0-namib-minerals-signs-indicative-us-30-million-ecobank-term-sheet-for-redwing-bankability-programme/) reported that the facility would fund hoist-related expenditures, milling plant expansion and further exploration drilling. The term sheet contemplates Ecobank and Ecobank Group acting as lead arranger and underwriter for financing the construction phase of Redwing's proposed larger-scale development, following completion of the definitive feasibility study and subject to further conditions and arrangements.

"If completed on the proposed terms, this Facility would, subject to the results of the definitive feasibility study and negotiation of definitive documentation, complete the funding package for Redwing's resource-definition and bankability programme," said Sphe Mchunu, Chief Financial Officer of Namib Minerals.

## Namib's Funding and Production Records

According to akta.pro [company records](https://akta.pro/company-data), Namib Minerals has one funding round on record, a 2014-02 series unknown of $5.8 million, and total funding of $5.8 million at the public stage. The same records list full-year 2025 revenue of $82.6 million from gold production, an 18% increase in adjusted EBITDA to $29.0 million, and net profit of $101.2 million largely driven by non-cash gains from liability revaluation following public listing.

## How Namib Reached the Redwing Term Sheet

In September 2026, Namib Minerals' subsidiary secured a $6.5 million term loan from BancABC to partially fund Step 3 of the Redwing Mine restart, including surface exploration drilling and advancing the DFS to bankability, FinancialContent Business Page reported. In the same month, Stock Titan reported that Namib Minerals completed dewatering at Redwing Mine, finishing Step 1 of its five-step restart pathway ahead of the Q4 2026 target. In October 2026, The Financial Gazette (EIN Presswire) reported that Namib Minerals completed commissioning its expanded milling plant at How Mine ahead of schedule, increasing monthly processing capacity by 36 percent.

## Redwing's Next Steps

The company said it intends to provide further updates on the status of the proposed facility and progress against the Development Milestones. The company also said it intends to provide further details of the scope, amount and terms as they develop upon completion of the definitive feasibility study.

## Companies in this story

- [Namib Minerals company profile](https://akta.pro/company-profiles/00055kc/namib-minerals) · website: https://investors.namibminerals.com

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