Bezant Resources Plc has signed a conditional share purchase agreement to acquire 90% of Namib Lead and Zinc Mining (Proprietary) Limited (NLZM) from CL US Minerals LLC for US$2.5 million (N$45 million) and royalty-based payments.
The deal, announced on August 13, 2025, includes an existing ore processing plant that will be adapted to process copper-gold run-of-mine ore from the Hope and Gorob projects.
A technical report, accompanied by an independent financial model, values the project at a net present value of US$46.8 million (N$842.4 million) with an internal rate of return of 63% at a 10% discount rate.
Financing options under discussion include debt, equity, and prepaid arrangements.
The company stated that the acquisition eliminates the longest lead item in its mine plan, thereby accelerating production by at least two years and avoiding the significant capital cost of building a similar facility.
The NLZM plant, located about 30 km from Swakopmund and 61 km from the Port of Walvis Bay, previously processed lead, zinc, and silver ore before operations were placed on care and maintenance in 2020.
Under the terms, the vendor will receive US$6.50 (N$117) per tonne of ore processed for the first eight years after operations commence, US$2.00 (N$36) per tonne for years nine to twelve, and US$1.00 (N$18) thereafter, plus a 1.5% gross revenue royalty capped at a copper price of US$12,000 (N$216,000) per tonne. Shareholder approval and regulatory clearances, including consent from the Namibian Competition Commission, are required before closing.
The Hope and Gorob project will begin with open-pit mining at Hope, producing run-of-mine ore averaging 1.34% copper, 0.26 g/t gold, and 5.05 g/t silver. Ore will be pre-concentrated on-site using dry sorting technology before haulage to the NLZM plant.
Initial throughput is targeted at 480,000 tonnes per annum, generating about 8,000 tonnes of contained copper. Stockpiling is expected to add year of production for every three years of operation.
The combined resources at Hope, Gorob, Vendome, and Anomaly deposits total 15 million tonnes at 1.2% copper, including indicated resources of 1.24 million tonnes at 1.6% copper and 0.4 g/t gold.
Further exploration between Hope and Gorob covers 97 km of strike, with a long-term target exceeding 500,000 tonnes of contained copper equivalent.
The NLZM mine, which holds a JORC 2012 resource of 1.11 million tonnes grading 2.31% lead, 6.63% zinc, and 46 g/t silver, retains its existing mining licence and two exploration licences pending renewal.
Once operational, Bezant expects to create jobs in the Swakopmund area, drawing on a pool of experienced former plant operators.
