RMB Namibia is arranging a N$2,9 billion loan from Namibian and South African banks for QKR Navachab Gold Mine’s expansion.
“This deal stands out as one of the largest resource transactions structured and executed by a Namibian financial institution,” said Jason Shikalepo, head of investment banking at RMB in Namibia.
According to a statement issued by First National Bank on Tuesday, this will help the mine increase its gold output.
RMB, along with the banking group, will also offer risk management solutions to optimise the mine’s exposure to fluctuating commodity prices, currency fluctuations and major operating expenses.
“By participating in such opportunities, RMB demonstrates its commitment to develop Namibia’s capital markets and fostering shared prosperity for our clients and the communities in which they operate,” said Shikalepo.
The Navachab Gold Mine is an open-pit gold mine situated near Karibib, in the Erongo region.
“By extending the mine’s lifespan, this initiative will secure jobs and provide a lifeline for numerous small- and medium-scale enterprises operating in the region,” said the statement.
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