55,000 Tonnes a Month: Namibia Starts Haul Mine Plant at Full Capacity Ahead of Schedule
Key Facts
Namib Minerals said on October 26 that the expanded processing plant at the Haul mine is operating at its full rate of about 55,000 tonnes a month, after reaching that level ahead of the previous schedule. In its plan announced in early October, the company had expected to ramp up production gradually over about six to eight weeks and reach the full rate by the end of December 2026. The achievement means the plant reached its target capacity earlier than the date set by the company, according to its statement. The expansion lifts monthly processing capacity from about 40,500 tonnes to 55,000 tonnes, an increase of about 36%. Chief Executive Tullani Sekhwela said the rapid achievement of full capacity "is a credit to the Haul mine team, which completed the expansion safely and ahead of plan."
The additional capacity is intended to address the constraint that limited the mine's throughput, according to the company, which said it expects the new capacity to help increase the amount of ore processed. It added that the expansion is expected to allow the existing cost base to be spread across higher processing volumes and support more sustainable production and cash generation. The company linked this to its focus on maintaining plant performance after reaching full capacity. An increase in mill capacity does not by itself mean gold production has already risen by the same amount; the capacity refers to the volume of ore that can be processed. In the first half of 2026, the Haul mine processed 233,000 tonnes, compared with 236,000 tonnes in the same period of 2025, while the average grade fell to 1.7 grams per tonne from 1.9 grams.
The Haul mine produced 11,373 ounces of gold in the first half of 2026, down from 12,741 ounces in the same period a year earlier, according to the company's results. Meanwhile, Namib's revenue for the six months ended in June rose 40% to $50.8 million, from $36.4 million in the first half of 2025. Adjusted earnings before interest, taxes, depreciation and amortization also increased 76% to $19.0 million, compared with $10.8 million. The company attributed part of the revenue growth to a 48% increase in the average net realized gold price after royalties, to $4,195 an ounce from $2,827. The first-half results show a divergence between higher revenue and adjusted earnings on one hand, and lower gold production and average grade on the other.
Namib cut its 2026 production forecast to a range of 26,500 to 27,000 ounces, from a previous estimate of 28,000 to 31,500 ounces. The company said the revised range reflects the mill's commissioning timing, while the previous schedule included a ramp-up period before full capacity was reached at the end of December. The full-operations announcement came after that estimate, but does not by itself change the annual production figures announced by the company. Namib estimated that, operating at full capacity and at the grades currently being mined, the Haul mine can produce at an annual rate of more than 30,000 ounces. The company is scheduled to provide its formal 2027 production and cost guidance in the first quarter of 2027, including the expected contribution from the Redwing mine.
The company is targeting first production from the Redwing mine no later than January 2027, following a three-month restart program beginning in October 2026. The formal 2027 guidance will include Redwing's expected contribution, according to the first-half results statement. Namib shares, listed under the ticker NAMM, closed at $0.838 on October 23, before the full-operations announcement issued on October 26. The shares had closed at $0.958 on October 19, then at $0.9714 on October 20, $0.8974 on October 21 and $0.8519 on October 22. Those sessions' prices therefore do not represent a market response to the operations announcement, which came after the close on October 23.