Saturday , July 13 2024

Namibia Rare Earths expands metals portfolio

Namibia Rare Earths has signed an agreement with Gecko Namibia to acquire a controlling interest in a portfolio of seven metals properties.

The development will see the company expand its focus from heavy rare earths to include cobalt, copper, zinc, lithium, graphite, tantalum, niobium, nickel, and gold.

Through the agreement, Namibia Rare Earths has secured access to an experienced strategic partner, apart from high quality, diversified portfolio of critical metals.

Gecko Namibia and its subsidiaries are substantial participants in the Namibian resource sector with 327 employees and a track record in the mining industry.

The deal will expand Namibia Rare Earths’ ground holdings in Namibia from 221 km2, covering its flagship exploration-stage Lofdal project, to more than 6 850 km2.

Namibia Rare Earths will acquire Gecko’s 95% interest in a portfolio of exploration properties comprising 14 exploration prospecting licences (EPLs), four of which are pending, one mineral deposit retention licence and Gecko’s rights under an option agreement to acquire a 60% interest in a further exploration prospecting licence which interest may, subject to the terms of the option agreement, be increased to 80%.

Operations in Namibia for all projects will continue under the Namibian operating company of Namibia Rare Earths and the project management team will be streamlined by drawing upon Gecko’s in-country administrative and service providers.

Gecko has also acquired all the mine and processing facility assets of the Okorusu fluorspar mine from Solvay in 2016.

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