Noronex says it is working with the Namibian government to receive VAT back of about N$2.5 million (A$205.000) from the sale of the Dordabis asset.
The company sold the Dordabis Asset for N$14.7 million (A$1.2 million) to Umino (Pty) Ltd, a private Namibian company interested in mineral exploration in Namibia, in August 2023.
Noronex’s joint venture vehicle, Aloe Investment 237, moved the deal to sell the Dordabis asset under EPL 7030.
The Dordabis asset was part of the company’s Kalahari Copper Belt project, and the Witvlei asset was under EPLs 7028 and 7029.
Dordabis is the most westerly licence of the company’s extensive Namibian portfolio and is approximately 60 km from the nearest licence, the flagship Witvlei claims (EPL 7028 and 7029).
Noronex says it has applied for the transfer of EPL 7030 for Ministerial approval, a condition of the agreement during the due diligence period.
The company released a prospectus detailing the terms for investment into various proposed copper projects, including terms of a joint venture for an earn-in and call option over a joint venture vehicle, Aloe Investments 237, on 16 September 2020.
Aloe 237 holds 100% of the Witvlei asset under EPLs 7028 and 7029 and the Dordabis asset under EPL 7030.
In November 2020, Noronex became the controlling shareholder in Larchmont Investment after acquiring 80%.
Larchmont Investments held the right to earn up to 70% of Aloe 237 and had a call option over an additional 25%.
