Noronex Limited completed the February 2024 deal to acquire 95% of Aloe Investments 237’s shares, increasing its interest in the Witvlei Joint Venture Property within the Kalahari Copper Belt in Namibia.
Aloe Investments 237 owns the Witvlei licences 7028 and 7029 and the Dordabis licence 7030 in the Kalahari Copper Belt.
These projects have a current JORC (2012)-compliant Resource2 of 10mt @1.3% Cu and significant exploration upside, including the discovery of a new area of mineralisation at the Daheim prospect, where Noronex drilling has delivered drill intercepts up to 27m @ 1.6% Cu.
The companies signed the joint venture, which ended with Noronex owning 70% of Aloe Investments 237 in September 2021.
In February 2024, Aloe Investments 237 agreed to offload a further 25% to Noronex, increasing shareholding to 95%.
The deal’s completion allows Noronex to significantly increase its holding in critical projects on the Kalahari Copper Belt and cancels the terms of the previous joint venture agreement.
Noronex executive director James Thompson said the increase in the joint venture interest to 95% significantly consolidates Noronex’s position on the belt and provides improved optionality for the further development of our Kalahari Copper Belt Projects.
“The streamlined ownership structure for potential incoming investors or joint venture partners makes our significant Kalahari Copper Belt Holding in Namibia more attractive and should result in a simplified shareholding, reporting and operational structure for the exploration and development of the assets moving forward,” he said.
