Koryx Copper Inc. has released updated Preliminary Economic Assessment results for its flagship Haib Copper Project in southern Namibia, projecting an after-tax net present value of US$1.351 billion at an 8% discount rate and a 23-year mine life.
The PEA outlines average annual payable copper production of 92,000 tonnes during the first decade at competitive operating costs of US$1.81 per pound C1 cash costs and US$2.05 per pound all-in sustaining costs.
The study points to a post-tax internal rate of return of 20.1 per cent and a 3.9-year payback period, positioning Haib as one of Africa’s most credible near-term copper development projects.
Upfront construction capital is estimated at US$1.559 billion, including a 10% contingency, with sustaining capital over the life of the mine forecast at US$543 million.
The project’s capital intensity is calculated at US$16,871 per tonne of annual payable copper in the first decade, rising to US$17,702 per tonne over the life of mine. Pre-tax metrics indicate a net present value of US$2.358 billion and a 25.2 per cent IRR.
The production profile is designed around a conventional 28 million tonne per annum milling and flotation plant, supplemented by a seven million tonne per annum heap leach and solvent extraction–electrowinning circuit. This would yield copper-molybdenum concentrate with additional gold credits, alongside limited copper cathode production. Recoveries are modelled at 89 per cent for milling and flotation and 74 per cent for heap leaching.
The mine’s maximum power demand is estimated at 150 megawatts, to be supplied primarily through Namibia’s national grid and complemented by hybrid renewable sources and battery storage.
Water requirements are set at 20 million cubic metres per year, with sourcing options including the Orange River, located just 30 kilometres from the site, and, potentially, the Neckartal Dam, 260 kilometres away.
Haib’s location, close to the South African border and adjacent to the B1 highway, offers logistical advantages, with access to established infrastructure for both power and transportation.
Koryx has already submitted its mining licence application, while environmental and social impact assessment processes are advancing.
Specialist studies and public consultations are underway, with feedback to date described as broadly positive. Community interest is primarily focused on job creation, regional economic growth and infrastructure development.
Heye Daun, Koryx Copper’s President and CEO, said the results confirm Haib’s potential as a large-scale, low-cost, long-life operation.
“We are highly encouraged with the very good results of this PEA, notwithstanding the fact that it is still based on the 2024 Mineral Resource model and does not yet reflect all of the excellent drill results produced since late 2024,” Daun stated.
“With annual copper production of 92,000 tonnes, a post-tax NPV8 of more than US$1.35 billion, upfront capital of US$1.56 billion, and a 23-year mine life, Haib stands out as an emerging, top-quality African copper development project.”
He added that the project’s simplicity, scalability, location, low capital intensity and favourable permitting environment place it in a strong position to be rendered shovel-ready within a few years, once feasibility work, secure water and power supply, and major permits are in place.
The study and technical work were led by Koryx’s in-house team, with contributions from DRA Global as the coordinating consultant, Knight Piésold, Qubeka Mining Consultants, MSA Group, SRK Consulting, and MJO Ingeniería y Consultores en Metalurgia.
Haib is a porphyry copper project located in the Karas Region of southern Namibia, six kilometres north of the South African border and about 12 to 15 kilometres east of the B1 highway.
Koryx Copper holds its interest through its 100%-owned Namibian subsidiary Deep South Mining Company (Pty) Ltd., which in turn wholly owns Haib Minerals (Pty) Ltd., the holder of Exclusive Prospecting Licence 3140 covering 36,589 hectares.
The current PEA is based on the August 2024 Mineral Resource Estimate and does not include drilling completed since then.
Updated drilling results, geological remodelling, metallurgical test work, and ore-sorting studies are expected to inform a revised resource and feasibility-level study, planned for the second half of 2026.
