Namibian authorities have transferred 10 exploration licences covering the Otavi Project to Midas Minerals’ local subsidiary, Otjitombo Mining, paving the way for the Australian company’s acquisition of this high-grade copper asset.
This transfer clears the principal approval needed to proceed with drilling in the renowned Otavi copper belt in Q4 2025. The only remaining step is the Namibian Competition Commission’s review, which Managing Director Mark Calderwood expects to be a procedural matter. “Once clearance is granted, Otjitombo shares can be transferred to Midas to finalise the acquisition,” Calderwood stated. “With the license transfer complete, we can press on swiftly to close the acquisition and begin drilling later this year. In the meantime, drilling on the South Otavi Project is scheduled to start in September.”
To complete the acquisition, Midas must raise a minimum of A$3.5 million (approximately N$43.8 million) before costs, with fundraising timing and structure still undecided.
The Otavi Project was previously owned and operated by Nexa Resources in partnership with the Japan Organisation for Metals, Energy and Security (JOGMEC), as part of a joint venture. Midas is acquiring the project through its subsidiary Otjitombo Mining. Under the agreement, Nexa will receive an upfront payment of US$3 million, with up to an additional US$7 million payable upon achieving development milestones and will retain royalty interests in any future production.
This acquisition marks Midas’s first significant investment in Namibia, reflecting its strategy of entering high-potential copper provinces through the purchase of advanced-stage licences.
The Otavi Project spans approximately 1,776 km² in the Otavi Mountainland copper belt and boasts historic discoveries, including drill intercepts such as 17.2 metres at 7.24 per cent copper with 144.4 grams per tonne silver, and 6 metres at 16.65 per cent copper with 370.3 grams per tonne silver. The area, largely underexplored with modern techniques, offers considerable discovery upside.
Midas also maintains the option to acquire up to 80 per cent of the South Otavi Project, which covers an area of 195 km². Previous exploration has identified copper and gold anomalies, and drilling is scheduled to begin in September 2025 as a precursor to the larger Otavi campaign.
Although neither Otavi licence currently hosts a formal JORC-compliant resource, the mix of high-grade historical intercepts, geographical scale, and proximity to Tsumeb’s rich mining legacy supports a compelling case for resource potential. Midas plans to focus initial work on confirming the historical data, testing priority anomalies, and advancing toward establishing maiden resource estimates.
Copper remains one of the most critical metals for the global energy transition. Situated in a politically stable, mining-friendly regime, the Otavi assets offer Midas both high-grade potential and strategic exposure in a globally sought-after belt.
Midas aims to close the acquisition, complete its capital raise, and launch drilling in Q4 2025. A farm-out process is planned for 2026 to attract major partners, followed by anticipated drilling in late 2026 or 2027. Investigation of additional acreage in Namibia’s Orange, Walvis, and Luderitz basins is also underway.
“This is the most exciting phase yet,” said Calderwood. “We’re acquiring a project with the scale and grade to deliver, and drilling is now within sight.”
