Copper-seeking explorer Noronex Ltd (ASX: NRX) has consolidated its presence in Namibia’s Kalahari Copper Belt, increasing its shareholding in a joint venture active in key projects to 95 percent.
Noronex already had a 70 percent stake in the joint venture entity – known as Aloe Investments Two Hundred Thirty Seven (Aloe 237) – which increased to 95 percent when the company grabbed a 25 percent interest in the Witvlei project which is run by the joint venture.
The completed transaction – which was first announced on February 28 – allows Noronex to take control of licences in the Kalahari Copper Belt which include the Witvlei and Dordabis projects.
Here, the JORC resource is estimated at 10 million tonnes at 1.3 percent copper. Exploration work is also kicking goals, with a new discovery at the Daheim prospect picking up intercepts of up to 27 metres at 1.6 percent copper.
According to the transaction, the terms of the previous joint venture are now cancelled, including all commitments and obligations arising under that agreement including further spending, valuation and further joint venture requirements for the remaining 25 percent.
Executive director James Thompson said the development ensured that Noronex’s holdings in Namibia were solid.
“We are pleased to have completed the acquisition of an additional 25 percent interest in the JV vehicle that controls the Witvlei Copper Project, part of our extensive licence holding in the world-class Kalahari Copper Belt,” he said.
“The increase in our JV interest to 95 percent significantly consolidates Noronex’s position on the belt and provides improved optionality for the further development of our Kalahari Copper Belt Projects.
“The streamlined ownership structure for potential incoming investors or joint venture partners makes our significant Kalahari Copper Belt Holding in Namibia more attractive and should result in a simplified shareholding, reporting and operational structure for the exploration and development of the assets moving forward.”
Noronex is trading at 1.3c.