Critical Materials & Supply Chain▲
Chinalco Mining to acquire 95% stake in Opuwo Project
Chinalco (Xiong'an) Mining, a subsidiary of the Aluminum Corporation of China, has agreed to acquire a 95% stake in the Opuwo Cobalt-Copper Project in Namibia from Celsius Resources for $15 million. The Opuwo Project in north-western Namibia has a mineral resource estimate of 225.5 million tonnes, with grades of 0.12% cobalt, 0.43% copper and 0.54% zinc, representing 259,000 tonnes of contained cobalt and 970,000 tonnes of contained copper. The transaction is subject to conditions including shareholder approval, regulatory clearances in Namibia and China, and licence renewals. Celsius intends to use the proceeds to advance its MCB Copper-Gold Project in the Philippines. Chinalco (Xiong'an) Mining has agreed to spend at least $750,000 on exploration and $250,000 on metallurgical test work to support licence renewal efforts.