top of page

Noronex ramps up JV stake in Namibian copper project

Updated: Apr 16

Drilling for copper at Noronex’s Witvlei project in Namibia’s Kalahari copper belt. Credit: File

Noronex will boost its joint venture (JV) stake in the flagship Witvlei project that sits within the Kalahari copper belt in Namibia up to a 76 per cent interest through its subsidiary company, Larchmont.

While Aloe Investments Two Hundred Thirty Seven owns the Witvlei project, the company is in turn 70 per cent-owned by Larchmont. But Larchmont, which is 80 per cent-owned by Noronex is lifting its holdings in Aloe 237 up to 95 per cent – effectively lifting the latter’s interest in the project that has a resource of more than 112,000 tonnes of contained copper.

The deal has emerged after Noronex reached a new holding agreement with Thunder Gold, its original JV partner in Namibia. It means Larchmont will now acquire Thunder Gold’s remaining 25 per cent interest in Aloe 237, leaving a local Namibian party with 5 per cent under the original terms of the exclusive prospecting licence.

Larchmont formed the original JV agreement with Thunder Gold. The JV terms outlined various stages allowing Larchmont to earn-in to 70 per cent, with a call option to purchase the remaining 25 per cent. It says the option has been tweaked to allow for the purchase using the company’s shares, along with a deferred payment.

Noronex will part with 4.4 million of its shares, with no cash payable, as a key term of the purchase. It says a deferred consideration payment of $1 million will be payable to Thunder Gold when a bankable feasibility study is finalised.

The company says the purchase will result in various positive outcomes, such as the cancellation of the previous JV agreements, including all commitments and obligations. It says it will also result in a more simplified ownership structure that may appeal to prospective JV partners, or potential investors.

Aloe 237 currently owns 100 per cent of Noronex’s key licences on the Kalahari copper belt in Namibia, comprising the advanced Witvlei and Dordabis projects. The company has recently signed an agreement for the sale of Dordabis.

Witvlei has a mineral resource estimate of 8.78 million tonnes grading 1.28 per cent copper for 112,500 tonnes of contained copper. The project’s indicated resources comprise about 32 per cent of its total mineral estimate, with 40,600 tonnes of contained copper within the Malachite Pan deposit.

Noronex says there is potential for further resource growth at the project, with a new area of mineralisation recently discovered at the Daheim prospect where drilling produced a solid hit of 27m at 1.6 per cent copper.

The company’s projects in Namibia cover about 8000 square kilometres of the highly-prospective, but relatively underexplored Kalahari Copper Belt.

Running from central Namibia into northern Botswana, there has been substantial exploration and development along the belt in recent years. Sandfire Resources began mining at its Motheo project last year, producing 30,000 tonnes of copper and it plans to increase to 55,000 tonnes in the future.

With several new discoveries coupled with existing deposits sitting on its books, the likelihood of Noronex increasing its mineral resources in the highly-regarded Kalahari copper region, appears promising, indeed.

Is your ASX-listed company doing something interesting? Contact:



Commenting has been turned off.
bottom of page