US capital is making its way into African mineral deals
American capital is finding new ground, literally, in the global minerals sector, and the recent Hennessy Capital Investment Corp 6 and Namib Minerals deal is a prime example. Through the SPAC route, U.S.-listed investors are now backing gold production in Zimbabwe and unlocking copper-cobalt potential in the DRC’s Haut-Katanga region.
This transaction showcases how SPACs remain a powerful bridge between U.S. capital markets and critical resource development abroad. It’s not just a one-off—it’s a signpost for what’s to come. As geopolitical pressures and the energy transition accelerate demand for strategic minerals, we should expect more SPACs and other financial vehicles to follow suit, connecting Wall Street with vital projects across Africa and beyond.
The background SPAC
Hennessy Capital Investment Corp VI (HCVI) , a SPAC set up by Daniel Hennessy and Nick Geeza in September 2021. Originally targeting $300million, they eventually raised $340 million after exercising the free shoe , to find and merge with a target from the Industrial sector and no particular geography definition. The deal was originally underwritten by Citigroup and Barclays as joint-lead.
After having evaluated 390 targets, reviewed 115, signed 93 NDAs, sent 23 non-binding LOIs, sent 3 binding LOIs, they finally found the One.
In September 2024, they announced a deal with Namib Minerals, an established gold producer with operations in Zimbabwe. They operate 3 projects of which 2 are scheduled to get into production. The How mine is currently producing at a rate of 27,000 oz per annum.
They have an expansion strategy that spans over to the Haut-Katanga in the e Democratic Republic of Congo, where they have 13 exploration permits for copper and cobalt.
Given their focus on gold and copper, and with the current backdrop of strong gold prices and looming copper shortages, this deal might do well.
SPACs are looking for real assets these days, and if you have a gold mine, or a copper project, or even a promising business and you need capital, you should contact SPAC sponsors.
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