Unicorn Mineral Resources has signed a formal share purchase agreement to acquire a 75% interest in mining and exploration company Q Global Copper Namibia, which holds two prospecting licences covering 6 536 ha in the Kalahari Belt, including the historic Klein Aub copper mine, in central Namibia.
This investment positions Unicorn to transition from an exploration-focused entity into a near-term base metals producer targeting cash-generative processing of surface resources.
The Klein Aub project has access to 5.5-million tonnes of historical surface tailings, estimated in-house at 0.24% in copper and 7.4 g/t in silver, as well as about 100 000 t of high-grade surface slimes, estimated at 1.34% in copper and 33.55 g/t in silver.
The existing material is expected to significantly reduce processing lead times and capital expenditure compared with greenfield developments.
“The acquisition of the Klein Aub copper mine represents a strategic inflection point for Unicorn. Over recent months, our board and executive team have focused on identifying high-impact assets that can rapidly transform our business profile.
“We are entering the copper market at a favourable time, as demand driven by global electrification continues to grow. We look forward to progressing our bankable feasibility study and advancing Klein Aub toward production over the next 12 months,” says Unicorn chairperson Paddy Doherty.
He adds that by acquiring the Klein Aub copper project, with high-grade surface material and fast-track processing capability, Unicorn establishes a direct, revenue-focused exposure to structural copper demand.
This sentiment has been highlighted amid the importance of copper to the global energy transition, grid modernisation, and clean-technology expansion, and supply shortages and long lead times for new greenfield mines highlight the market value of projects with immediate processing capacity, Unicorn explains.
The company says this project capitalises on Namibia’s reputation as one of Africa’s premier mining investment destinations, benefitting from transparent regulatory frameworks, sound existing infrastructure, power availability and deep local mining support.