Celsius Resources Sells Namibia’s Opuwo Copper-Cobalt Project to Chinalco Mining for $15 Million
Celsius Resources Divests Opuwo Copper-Cobalt Project to Chinalco Mining in $15 Million Deal
Celsius Resources has signed a binding share sale agreement with Chinese state-owned mining group Chinalco Mining for the sale of its 95% interest in the Opuwo copper-cobalt project in Namibia for US$15 million.
For the financial year ended June 30, the Opuwo project recorded an operating loss of approximately N$421,738 and was valued at around N$34 million in Celsius Resources’ consolidated financial statements.
The divestment will allow Celsius Resources to sharpen its focus on its copper-gold assets in the Philippines while also strengthening its near-term funding position.
As part of the transaction, and while regulatory approvals are being secured, Chinalco Mining has committed to a non-refundable exploration investment of at least US$750,000, along with an additional US$250,000 for metallurgical test work.
This funding will support ongoing exploration activities and assist with licence renewal requirements.
The deal remains subject to several conditions, including approval by Celsius shareholders, clearance from the Namibian Competition Commission, and authorization from the Bank of Namibia regarding exchange controls.
Regulatory approvals are also required from Chinese authorities, including the National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange.
The agreement includes a six-month completion deadline, expiring on December 29, 2026.
If the transaction is terminated, Chinalco Mining will be restricted for three years from acquiring any interest or licence within a 2 km radius of the Opuwo project boundary.
Celsius Resources Managing Director Bardin Davis welcomed the agreement, noting that Chinalco Mining’s technical capacity and global experience position it well to advance the project, while also delivering potential benefits to Namibia and surrounding communities.
A representative from Chinalco Mining described Opuwo as a significant greenfield copper-cobalt asset with strong exploration and development potential, expressing confidence in advancing the project in collaboration with stakeholders from exploration through to development.
