Midas Minerals has formally concluded the strategic acquisition of the expansive Otavi copper project in Namibia, marking a significant advancement in its portfolio.
The completion follows the satisfaction of all critical conditions precedent, including the official transfer of mineral licences in August and the essential regulatory approval granted by the Namibian Competition Commission in October.
This successful process finalizes the transaction initially announced in May 2025, wherein Midas moved to acquire the asset from base metals producer Nexa Resources.
The newly secured project is a substantial landholding, comprising ten exclusive prospecting licences that blanket a vast area of 1,776 square kilometres in northern Namibia.
Strategically positioned near the town of Otavi, the project lies approximately 360 kilometres northeast of the nation's capital, Windhoek, providing established regional infrastructure.
The project hosts two primary deposits, known as T13 and Deblin, which are pending formal resource definition. Additionally, the large licence area contains multiple underexplored targets, indicating substantial potential for further discovery and development.
To date, modern exploration has been conducted over only 36% of the Otavi Project licence area in Namibia, which Midas has now fully acquired. Drilling activities are already underway, with two diamond drill rigs currently conducting resource drilling at the high-grade T-13 copper-silver deposit.
This acquisition grants Midas Minerals control over a highly prospective district, positioning the company to systematically explore and develop a major copper asset in a stable mining jurisdiction. Read More...
The Mining Nexus: How Resource Extraction Powers the Global Economy #FrizeMedia https://buff.ly/jeV4TBq
No comments:
Post a Comment