Bezant Resources Plc’s latest feasibility study for the Hope and Gorob Copper-Gold Project in central Namibia projects a net profit of US$104 million (N$1.95b), confirming the asset’s potential to become a cornerstone in the country’s growing mid-tier mining sector.
The study, compiled by Sound Mining International Limited, outlines a robust internal rate of return (IRR) of 62 per cent and demonstrates how integrating the Namib Lead and Zinc Mine (NLZM) Processing Plant could accelerate development while significantly reducing upfront capital costs.
The report consolidates several years of technical work and formalises a streamlined plan to pre-concentrate ore at the site before trucking it 190 kilometres to the NLZM facility near Swakopmund.
Executive Chairman Colin Bird said the consolidated report offers shareholders the first comprehensive view of the project’s economics and engineering strategy. “This report brings together all the contributions from various specialists and demonstrates how the NLZM plant, once acquired, will underpin development of the Hope and Gorob mine,” he said.
Bezant acquired a 100 per cent interest in the Hope and Gorob Copper-Gold Project in August 2020 through its purchase of Virgo Resources Ltd and its Namibian subsidiaries, which held the mineral licences covering the Hope, Gorob, and Vendome deposits.
The transaction, valued at approximately £1.21 million, was completed through an all-share deal, marking Bezant’s strategic expansion into Namibia’s copper belt and diversification from its Zambian and Philippine projects.
The Hope and Gorob properties, situated within Namibia’s Matchless Belt, host volcanogenic massive sulphide (VMS) mineralisation similar to that historically mined at the nearby Matchless and Otjihase operations. Subsequent drilling and resource modelling have confirmed a series of copper-dominant zones with accessory gold and silver, positioning the project as a potential near-term producer.
Between 2020 and 2022, Bezant and its partners advanced geological interpretation, metallurgical testwork, and mine design studies, leading to the detailed feasibility study now completed by Sound Mining International.
NLZM processing plant
Under the proposed development model, run-of-mine (RoM) ore from Hope and Gorob will be processed at the mine site using multi-sensor dry ore sorting to separate barren rock from mineralised material. The pre-concentrated ore will then be transported to the NLZM Processing Plant for final concentration and product generation.
This approach allows for the efficient use of an existing, permitted facility—reducing construction time, environmental impact, and regulatory complexity.
The NLZM Processing Plant, which has been under care and maintenance, will be refurbished to handle both copper oxide and sulphide material.
A technical audit by MetalX assessed its readiness to transition from its former lead-zinc configuration and recommended upgrades to flotation circuits, milling and dewatering systems, and automation controls. The audit also advised maintaining flexibility for future lead-zinc operations.
MetalX’s proposed two-phase plan starts with detailed engineering and cost refinement, followed by procurement, construction, and commissioning—steps aligned with Bezant’s broader strategy of fast, low-risk development.
Tailings and infrastructure readiness
The NLZM site includes a Tailings Storage Facility (TSF) engineered by South Africa’s Epoch Resources (Pty) Ltd. With a total capacity of 1.52 million tonnes, of which 1.42 million tonnes remain unused, the TSF is fully permitted and capable of supporting Hope and Gorob’s throughput for at least nine years before any expansion is needed.
The Hope and Gorob operation will deposit roughly 160,000 tonnes of tailings per year, well below the TSF’s design limit of 217,000 tonnes per year.
This provides both operational flexibility and a compliant, cost-effective solution for tailings management—removing one of the most capital-intensive components from the project’s development timeline.
Mining and financial parameters
The feasibility model, prepared by ENC Minerals (Pty) Ltd, incorporates mine plans and schedules for the Hope, Vendome, and Gorob deposits.
Open-pit operations are forecast to produce about 384,000 tonnes of ore annually, with 25 per cent of fines sent directly to the concentrator and the remainder upgraded through ore sorting.
Copper recoveries are expected to reach 85 per cent at the mine and 92 per cent at the concentrator, with gold and silver recoveries of 60 per cent and 50 per cent, respectively.
Using conservative price assumptions—US$9,300 per tonne for copper, US$2,800 per ounce for gold, and US$31 per ounce for silver—the model estimates total operating costs of US$55 per tonne and capital expenditure of US$12.8 million.
At a 10 per cent discount rate, the project delivers a Net Present Value (NPV) of US$46.2 million and an EBITDA of US$179 million, underlining a solid economic foundation for development.
Strategic implications
The use of the existing NLZM Processing Plant offers a decisive competitive advantage, cutting both capital costs and permitting timelines.
According to the report, integrating on-site ore sorting with regional toll treatment demonstrates how legacy infrastructure can be leveraged to create a modern, efficient mining hub in central Namibia.
“The acquisition of the NLZM Processing Plant significantly enhances the project’s overall profitability,” Bird said. “By avoiding new plant construction, we reduce both capex and development risk while ensuring quicker cash flow generation.”
Acquisition and regulatory progress
Bezant, the copper-gold exploration and resource development company, announced on 14 August 2025 a conditional share purchase agreement to acquire a 90 per cent shareholding in Namib Lead and Zinc Mining (Proprietary) Limited (NLZM) from CL US Minerals LLC. The plant will serve as the central processing facility for Hope and Gorob’s pre-concentrated ore once modifications are complete.
Since the announcement, the Namibian Competition Commission and Namibia Exchange Control authorities have approved the transaction, fulfilling key regulatory conditions.
The company will soon issue a general meeting circular to obtain shareholder approval and provide updates on the project’s feasibility study, financing, and offtake arrangements.
Bezant plans to publish the full feasibility study summary on its website and include extracts in the shareholder circular seeking approval for the NLZM acquisition. Once approved, the company will move into the execution phase, beginning detailed engineering, procurement, and construction in 2026.
Bird said the strategy demonstrates Bezant’s ability to deliver value through integration and innovation. “By combining ore-sorting technology, a pre-existing plant, and realistic financial assumptions, Hope and Gorob can move rapidly toward production with a strong economic foundation,” he said.
With copper prices resilient and gold providing added revenue stability, Hope and Gorob stand out as one of Namibia’s most advanced mid-tier development projects—positioning Bezant at the forefront of the country’s emerging copper-gold corridor.
