Namib Minerals (Namib) has forged a business combination with Nasdaq-listed Hennessey Capital Investment Corp VI (Hennessey) that will make the miner publicly traded.

The New York-based miner owns and operates one of Zimbabwe's biggest gold assets, How Mine, and plans to restart two historically producing gold mines - Mazowe and Redwing. In addition, it is seeking battery metals assets in the Democratic Republic of the Congo (DRC) in the same region.

The proposed transaction with the special purpose acquisition company values Namib at a pre-money enterprise value of $500mn with up to an additional 30mn of contingent ordinary shares tied to the completion of operational milestones, it said in a release on June 18.

Transaction proceeds will support Namib's growth plan to create a multi-asset and multi-jurisdiction platform through gold mine restarts in Zimbabwe and the development of its prospective battery metals assets in the DRC.

The combined public company is expected to be named Namib Minerals and to list its common stock and warrants to purchase common stock on Nasdaq.

Ibrahima Tall, Namib's chief executive said the deal will enable the miner to continue growing its business while helping it realise the full potential of its mining asset portfolio. This transaction, he added, provides Namib a partner that "shares our focus on sustainable growth and our goal to return as a multi-asset producer in Africa."

The respective boards of both companies have approved the deal set to be closed in the December 2024 quarter.