The Namibia Competition Commission has approved Trigon Metals’ sale of its interest in the historic Kombat Mine to Horizon Corporation Limited, clearing a major regulatory hurdle for a transaction that could reshape the future of copper mining in the Otavi Mountainlands.
The approval, granted on 12 September, comes after Trigon shareholders overwhelmingly backed the deal in July, with more than 99 per cent voting in favour.
The agreement, first signed in May 2025, will see Trigon offload its 80 per cent interest in Kombat Mine and related Namibian assets to Horizon, through its affiliate Kamino Minerals Limited, for a base price of US$24 million (about N$430 million).
Payment will be spread over eight quarterly instalments, with an initial advance of US$2 million already received following shareholder approval.
The transaction was further supported by financing arrangements put in place before closing. Horizon advanced a US$4 million loan to Trigon, with the option of a further US$2 million, to keep operations running at Kombat.
This facility was later amended, enabling Trigon to access over US$7.2 million (N$126 million) in monthly disbursements, which provided much-needed liquidity to sustain the mine while awaiting regulatory clearance.
Trigon will also retain a continuing interest in the project’s success. Under the terms, the Canadian company holds a 1 per cent net revenue royalty on copper production, payable if output exceeds agreed thresholds.
For Trigon, the sale relieves it of the burden of a capital-intensive operation and allows management to focus on advancing exploration assets in Morocco and the Kalahari Copper Belt.
For Horizon, the acquisition offers a chance to take control of one of Namibia’s best-known copper mines, though with clear challenges.
Kombat’s underground workings were halted earlier in 2025 when water levels threatened to flood shafts after central pumps failed, underscoring the technical complexity of reviving full-scale production.
Kombat Mine, which dates back to the early 1900s, has long shaped the fortunes of the Otavi–Grootfontein corridor.
Communities in the area now look to Horizon’s takeover with cautious optimism, hopeful that stable investment and renewed copper output will once again bring jobs and economic momentum to the region.
Final approval from the TSX Venture Exchange and the satisfaction of closing conditions remain outstanding. However, with shareholder endorsement secured and Namibia’s Competition Commission giving its nod, Horizon is now firmly on course to complete its acquisition of Kombat Mine.
