The approval of Horizon Corporation’s acquisition of Trigon Metals’ 80% interest in the Kombat Copper Mine marks the latest turning point for one of Namibia’s most storied but troubled mines.
With regulatory clearance from the Namibia Competition Commission in September 2025, the deal is set to reshape not only Kombat’s future but also the economic fortunes of the Otavi Mountainlands. Yet beneath the optimism lies a history defined as much by water as by copper.
Kombat’s underground operations have been repeatedly interrupted by flooding, a challenge rooted in the region’s fractured dolomitic geology. As far back as the late 1970s, and again in the 2000s, central pumping failures inundated mine shafts, forcing shutdowns that eroded investor confidence.
In early 2025, history repeated itself when the underground workings were once again brought to a halt after pumps failed and water levels rose perilously.
The incident underscored the technical complexity that Horizon inherits: before copper can flow, water must be mastered. Stabilising dewatering infrastructure will be Horizon’s first, and perhaps most expensive, litmus test of its commitment.
Reserves and promise
Despite its setbacks, Kombat remains attractive because of its geology. Historical estimates point to underground reserves exceeding 4 million tonnes grading around 2.5% copper, alongside oxide and sulphide resources near surface that were tapped intermittently during past open-pit campaigns. Trigon Metals had sought to expand these reserves through drilling in 2021–2024, reporting promising extensions at the Asis Far West and Kavango targets.
While no recent JORC or NI 43-101 compliant reserve statement has been independently validated since 2022, the mine’s potential lies in its combination of high-grade underground shoots and bulk-tonnage shallow ore.
For Horizon, the task will be to convert these historical and exploration-stage estimates into bankable, compliant reserves capable of supporting long-term production.
The investment structure
The transaction structure reflects both opportunity and caution. Horizon is paying US$24 million (N$430 million) through eight quarterly instalments, easing its entry but spreading risk over two years.
To keep the mine afloat, Horizon has already injected liquidity: a US$4 million loan to Trigon, later amended to allow over US$7.2 million (N$126 million) in working capital disbursements, ensuring pumps and surface operations could continue while regulators deliberated.
In addition, Trigon retains a 1% net revenue royalty, ensuring it benefits from future upside without the burden of capital outlay. For Horizon, the staged payments and pre-financing illustrate confidence, but they also reflect recognition that Kombat will need steady injections of capital before copper sales can balance the books.
A mine with a long memory
First established in the early 1900s, Kombat was for decades the economic anchor of the Otavi–Grootfontein corridor. It supported smelting at Tsumeb and defined the livelihoods of surrounding communities. Each shutdown — whether due to water ingress, commodity price slumps, or operator insolvency — left scars of unemployment and lost momentum.
During the prolonged closure in the late 2000s, more than 400 direct jobs were lost, followed by another 300 positions cut when the mine went into care and maintenance in 2015.
These layoffs rippled into the broader Kombat settlement, which had grown into a company town dependent on mine wages. Shops closed, services shrank, and many families were forced to relocate to Grootfontein or Otavi in search of work.
The most recent halt in 2025, caused by flooding, again suspended operations and left hundreds of workers in limbo, reviving painful memories of earlier collapses. For residents, Horizon’s takeover represents not just a new corporate owner but the possibility of long-awaited stability.
Horizon’s road ahead
The path forward for Horizon will depend on its ability to restore confidence where others failed. The first challenge will be technical: establishing reliable pumping systems and ensuring underground stability to prevent the cycle of flooding that has dogged Kombat for decades.
Beyond that, Horizon must focus on converting historical resource estimates into compliant reserves, capable of supporting credible mine planning and attracting further investment.
Finally, the company will need to demonstrate that it can translate copper production into tangible benefits for the community, restoring jobs and services to Kombat settlement and reviving the mine’s role as an economic anchor for the Otavi Mountainlands.
The Namibian government has signalled strong support, having fast-tracked regulatory approvals, but the actual test lies in execution.
If Horizon can stabilise the mine’s underground systems and translate Kombat’s geological promise into consistent output, it could transform not just the mine’s fortunes but also the socio-economic trajectory of central Namibia.
If not, Kombat risks remaining a cautionary tale — a mine with copper in the ground but water at its throat.
A history of ownership
Kombat’s ownership record mirrors its turbulent history. The mine was initially operated by Tsumeb Corporation Limited (TCL) from the early 1900s until 1998.
During its heyday in the 1970s and 1980s, Kombat was producing over 12,000 tonnes of copper per year, supported by underground workings and feeding ore to the Tsumeb smelter.
TCL’s financial collapse in the late 1990s led to the closure of the mine and its subsequent liquidation.
In the early 2000s, Weatherly International acquired the Kombat assets. Weatherly resumed limited operations but struggled against persistent flooding and falling copper prices.
By 2008, production, which had been modest compared to TCL’s heyday, was halted as the mine went back into care and maintenance. Weatherly eventually relinquished control, unable to fund the capital needed for large-scale dewatering.
Manila Investments (Pty) Ltd was the Namibian vehicle that held the Kombat and Gross Otavi assets in the 2010s.
In April 2012, Canada’s Pan Terra acquired 80% of Manila Investments, establishing foreign control alongside local partners.
Public reporting at the time indicated that the remaining 20% was split between Havana Investments (owned by Knowledge Katti) and the state-owned Epangelo Mining, with each holding 10%.
Manila acted as the bridge between Namibian ownership and Canadian capital, positioning the mine for its next revival attempt.
In 2012, the assets were acquired outright by Manila, but significant investment was still lacking. Trigon Metals, then known as Kombat Copper Inc., entered in 2017.
By 2022, Trigon had restarted small-scale open-pit mining and planned to revive underground operations. Still, mounting water ingress and a lack of sufficient capital forced repeated shutdowns, culminating in another suspension in early 2025.
The most recent chapter opened in 2025, when Trigon agreed to sell its 80% stake in Kombat to Horizon Corporation Limited in a staged deal worth US$24 million.
Trigon retained only a royalty interest, closing its chapter at Kombat while redirecting its attention to projects in Morocco and the Kalahari Copper Belt.
Each owner left under duress — TCL through bankruptcy, Weatherly through financial and technical setbacks, Manila through under-capitalisation, and Trigon through water and funding pressures.
Horizon now assumes the mantle, inheriting a mine that has produced tens of thousands of tonnes of copper in its prime but has also been defined by cycles of promise and disappointment.
