Star Minerals Partners with Madison Metals on Namibia Uranium Project Near Rossing Mine
Australia-listed Star Minerals has partnered with Canada-listed Madison Metals to advance a uranium project in Namibia’s Erongo region, close to the renowned Rossing uranium mine.
Under the agreement, Star will invest $2.425 million over three years for exploration on the Cobra project, alongside making staged payments to Madison Metals.
“We’re excited to add this significant foreign uranium estimate to our portfolio and collaborate with Madison to verify and enhance the resource while exploring the promising potential in the region,” said Star Minerals Chairperson Ian Stuart.
He highlighted the company’s expertise in uranium exploration, particularly in Namibia, with Ashley Jones managing the project from Australia.
Jones, a director at Star with extensive experience working in Africa, previously resided in Namibia for three years and oversaw operations at the Letlhakane uranium project in Botswana from 2014 to 2019. Upon finalizing the agreement with Madison, Jones will take on full operational duties as Star’s managing director.
The agreement grants Star an earn-in option to acquire up to a 51% equity stake in Pennywort, the registered holder of exploration permit EPL 8531, which includes the Cobra project.
Madison currently holds an 85% interest in Pennywort through its Namibian subsidiary, Jenipapo, while the remaining 15% is owned by a Namibian local resident.
