Trigon Metals has amended its loan agreement with Horizon Corporation, unlocking up to US$7.2 million (approximately N$126.7 million) in additional funding to support ongoing operations at the Kombat Mine in Namibia ahead of a proposed ownership transfer.
Signed initially on December 12, 2024, and amended in February 2025, the agreement now includes an annexure that allows for monthly disbursements of approximately US$255,000 (approximately N$4.5 million) starting no later than July 31, 2025.
These monthly tranches will continue until Trigon finalises the sale of its interest in the Kombat Mine to Horizon.
The transaction was first announced on May 29, 2025.
The new tranche is structured on the same terms as a US$4 million loan previously advanced by Horizon.
Once the sale is completed, Horizon will assume full responsibility for the combined debt, effectively releasing Trigon from all repayment obligations.
Jed Richardson, CEO and Executive Chairman of Trigon, said the revised agreement provides critical working capital to ensure operational continuity at Kombat and stability for its workforce.
“The additional support allows the team in Namibia to maintain operational momentum and support our workforce while we work towards closing the transaction,” he said.
All other terms of the original agreement remain unchanged.
The funds will cover operational and financing needs at the mine, which has successfully restarted, achieving an underground mining rate of approximately 980 tonnes per day.
The Kombat Mine, located in northern Namibia, has a rich history of copper production dating back to the early 20th century.
After decades of dormancy, Trigon resumed operations in 2021, positioning the project as a key copper asset in southern Africa.
The latest funding move is intended to bridge operations while transitioning complete control to Horizon Corporation.
