Aim- and ASX-listed Celsius Resources has received confirmation of the renewal of the exclusive prospecting licence for the Opuwo cobalt project, which is held under its Namibian subsidiary Opuwo Cobalt.
The Namibian Ministry of Mines and Energy issued the two-year renewal of the exclusive prospecting licence for EPL 4346, which covers about 683 km2, on October 11.
This will enable Celsius to further evaluate the project’s viability, with a view to finding a suitable partner.
Ongoing trade-off studies on mining costs, production rates and the possibility of processing oxide ores are being conducted to determine the viability and financial outcomes.
“This is a positive development, as we are currently reviewing the Opuwo project to understand how we can strategically unlock its potential value given the high demand for cobalt from the electric vehicles sector.
“This project can potentially produce non-conflict cobalt in a politically stable country for more than 40 years. With the renewal of the permit and recent positive metallurgical test work results, we anticipate this will attract potential partners in the project,” says Celsius MD Peter Hume.