Copper project developer Noronex Ltd (ASX:NRX) has seen its share price rise almost 28% on news it has partnered with another miner, South32 Ltd (ASX:S32) to progress exploration in Namibia’s Kalahari copper belt.
Noronex has entered into both an Earn-In Agreement and Strategic Alliance with a wholly owned subsidiary of South32.
The first will see South32 fund exploration at Noronex’s Humpback-Damara Project over five years and to the tune of A$15 million, while also being able to gain a 60% interest in the Noronex subsidiary which runs this project: Noronex Exploration and Mining Company
(Proprietary) Ltd.
Alongside this, the Strategic Alliance will bring the two companies together to source copper and base metals projects for development in the region.
Noronex’s Executive Director, James Thompson said the alliance would be a boost to the company’s growing investment in the red metal in Africa.
“This is a transformational development for Noronex which represents a strong validation of the exciting portfolio of copper projects that we have been progressively building since we re-listed with a copper and Namibia focus only three years ago,” he said.
“We are delighted to be partnering with South32 in the search for major sedimentary copper deposits in Namibia.
“The technical, financial and strategic support from South32 will allow us to search and drill across the impressive portfolio we have developed in the Kalahari Copper Belt.”
The company’s Technical Director and Chief Geologist Bruce Hooper added that the development was a boon, given the prospectivity of the territory in question.
“The Kalahari Copper Belt is one of the most under-explored copper provinces and presents huge opportunities for large-scale discoveries and the development of major new mines, as we have seen with the Khoemacau-Zone 5 Copper Project, recently acquired by MMG, and Sandfire Resources’ newly commissioned Motheo Copper Project,” he said.
“Noronex has assembled an enviable position in this emerging district along strike from these major deposits, and we are delighted to partner with South32 and seek to unlock the full potential of our portfolio.”
At 12:38 AEDT, Noronex shares were trading at 1.6 cents, a rise of 27.99% since the market opened.