Published: 17 May 2025

American special purpose acquisition company (SPAC) Hennessy Capital Investment Corp. VI (HCVI) has secured shareholder approval to merge with Namib Minerals, a mining firm with key gold assets in Zimbabwe, including the Redwing Mine. The deal, which was confirmed during a special meeting of HCVI stockholders on May 6, 2025, will see Namib Minerals listed on the Nasdaq Stock Market at a valuation of US$500 million.

In a filing with the U.S. Securities and Exchange Commission, HCVI said: "HCVI's stockholders approved the Business Combination Proposal," marking a critical step toward finalizing the merger agreement initially announced in June 2024.

Namib Minerals, through its operating arm Greenstone, holds controlling interests in three prominent gold mining operations in Zimbabwe: Mazowe Gold Mine, Redwing Gold Mine, and How Gold Mine. It also maintains mineral interests in the Democratic Republic of Congo. The company's Zimbabwean assets are located within some of the region's most lucrative gold belts, making them strategically significant.

However, the mines have faced operational challenges and require major capital investment to modernize infrastructure and increase production efficiency. The Nasdaq listing is expected to provide Namib Minerals with fresh capital and greater visibility, enabling it to drive forward its expansion and rehabilitation plans across its Southern African operations.

Analysts say the merger positions Namib Minerals for long-term growth while potentially attracting more international investment into Zimbabwe's gold sector, which remains a cornerstone of the country's mineral economy.

The successful shareholder vote marks another milestone in the growing trend of African mining companies seeking capital through international financial markets, leveraging SPAC deals as a vehicle for global expansion and resource development.
- the independent