Rosh Pinah Zinc (RPZ) has secured US$150 million, about N$2.6 billion at current exchange rates, debt financing to fund its expansion project. 

Construction for the expansion is reported to be over 80% complete and remains on budget. 

The debt financing was facilitated by Appian Capital Advisory Limited, the majority shareholder of RPZ and an investment advisor to long-term value-focused private capital funds. 

The US$150 million debt facility is being underwritten by Standard Bank to finance the development of RPZ’s expansion project named RP2.0. 

The financing is considered a key milestone for the mine’s expansion, which will modernise its infrastructure. 

It is expected to nearly double RPZ’s production output. 

Alex Mayrick, general manager of Rosh Pinah Zinc, commented: “RPZ is pleased to have concluded this important deal, which will provide us with financial flexibility as we continue to progress the construction of RP2.0. Standard Bank is a longstanding supporter of RPZ and a leading financial partner for the metals and mining industry in Africa. We are encouraged by their confidence in the project and our long-term vision”. 

Ignacio Bustamante, head of Base Metals at Appian, stated: “Securing this financing is a major step forward for RPZ and RP2.0. The expansion is a key component of our strategy to optimise operations and extend mine life at RPZ. With this funding, we can continue to focus on developing an asset that will deliver value for all stakeholders for many years to come”. Endeavour Financial acted as Appian’s financial advisor for the transaction. 

Appian undertook a competitive tender process with multiple parties and eventually partnered with Standard Bank in this transaction. 

The financing will fund the remaining construction costs of RPZ’s expansion, with the project now funded through to ramp-up. 

In a statement issued yesterday, RPZ noted that Standard Bank’s backing of the expansion builds on its established relationship with the mine and follows extensive technical, legal, environmental and social due diligence. 

“It offers a strong endorsement of the commercial viability and ESG standards of RP2.0. The RP2.0 expansion project comprises further development of the underground mine, as well as the construction of new surface facilities, including a new processing plant, the addition of a paste fill and water treatment plant, and a newly developed portal and decline to extended underground deposits. RP2.0 will almost double the mine’s production output to 170 million lb/year of contained zinc metal,” read the statement from Appian. 

The statement added that construction is expected to reach completion in Q3 2026, with ramp-up commencing in quick succession.