Noronex Partners with South32 for Copper Exploration in Namibia
Noronex has announced an Earn-in Agreement and Strategic Alliance with South32, focusing on copper exploration in Namibia's Kalahari Copper Belt.
Highlights:
- Exploration Funding: South32 will invest A$3 million annually over five years in exploration at Noronex’s Humpback-Damara Copper Project.
- Ownership Interest: South32 can earn a 60% stake in Noronex’s subsidiary, Noronex Exploration and Mining Company (Proprietary) Limited (Noronex EMC), by spending A$15 million over the five-year period.
- Strategic Alliance: The partnership extends to a Namibia-wide initiative targeting new copper and base metal projects for exploration and development by both companies.
- Immediate Actions: A gravity survey will commence immediately, with drilling set to begin in October at the promising Fiesta and Damara Projects.
Noronex Executive Director James Thompson commented, "This partnership is a significant milestone for Noronex, validating the potential of our copper projects in Namibia. We are excited to collaborate with South32 to advance our exploration efforts."
This collaboration aims to leverage South32’s substantial resources and expertise to accelerate the development of Noronex’s copper projects, potentially leading to significant discoveries in the region. The agreement highlights the ongoing interest and investment in Namibia's mining sector, particularly in copper, which is crucial for global industrial applications and the growing demand for electric vehicles and renewable energy infrastructure.
