Namibia has renewed Celsius Resources’ Opuwo Cobalt-Copper Project licence 4346 for two years.
Celsius Resources’ Namibian subsidiary, Opuwo Cobalt Holdings, has a 95% interest in the project under EPL that covers around 683 square kilometres.
The mines ministry granted the extension on 11 October 2023.
The Opuwo Cobalt-Copper Project is about 730km northwest of Windhoek.
The project is of a very large scale and located in a mining-friendly, politically stable, and safe location with excellent infrastructure.
It has ample access to grid power, water, and services, allowing a range of development options.
Aligned with Celsius’ strategy of continuing to identify and develop world-class, high-grade assets, Opuwo represents significant potential.
The project’s Mineral Resource Estimate represents contained cobalt of 259,000 tonnes and contained copper of 970,000 tonnes and is classified as: 45.3 million tonnes at a grade of 0.11% cobalt, 0.44% copper and 0.51% zinc in the Indicated category; 180.2 million tonnes at a grade of 0.12% cobalt, 0.43% copper and 0.55% zinc in the Inferred category.
Celsius Resources managing director Peter Hume said with the renewal of the permit and recent positive metallurgical test work results, they anticipate attracting potential partners in the project.
“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 produce non-conflict cobalt in a politically stable country for over 40 years.”
