London-listed Unicorn Mineral Resources Plc has signed conditional heads of terms to acquire a 75 per cent stake in the historic Klein Aub Copper Mine in central Namibia for ZAR 26.5 million (about N$26.5 million or £1 million), marking the company’s first planned investment outside Europe and its entry into Africa’s copper sector.
The deal covers two recently renewed Exclusive Prospecting Licences totalling 6,536 hectares, about 90 kilometres south of Windhoek and 45 kilometres south-west of Rehoboth in the Hardap Region.
The Klein Aub site lies near the settlement of the same name and is accessible by the C24 and D1261 roads.
The mine, which operated for more than two decades before its closure in 1987, is currently held by a Namibian private company that retains the remaining 25 per cent interest.
Unicorn’s acquisition, once completed, will give it operational control of the project, subject to the finalisation of contracts and the outcome of metallurgical test work expected in early 2026.
At its peak, Klein Aub produced 5.5 million tonnes of ore grading 2.0 per cent copper and 50 g/t silver from three orebodies with an estimated total of 7.5 million tonnes of mineable material.
The mineralisation occurs in dolomitic marble and quartzite along a faulted, steeply dipping contact zone trending northeast-southwest.
Ore minerals include chalcopyrite, bornite and chalcocite, typical of the Kalahari Copperbelt, which stretches more than 1,000 kilometres from central Namibia into northern Botswana.
Recent work by Unicorn’s consultants suggests significant potential remains in the tailings and slimes dams, as well as in several unmined parallel lodes extending along strike to the northeast.
Sampling and drilling completed since 2020 indicate about 5.59 million tonnes of material remaining in the historic dumps.
Of this, 5.5 million tonnes sit in the main tailings dam grading 0.26 per cent copper and 7.4 g/t silver, while 87,000 tonnes in the slimes dam grade 1.34 per cent copper and 33.55 g/t silver.
Combined, the material is estimated to contain 15,460 tonnes of copper and 1.4 million ounces of silver in situ.
Unicorn plans to begin by reprocessing the tailings using an environmentally friendly leaching technique now being tested.
Metallurgical studies are scheduled for completion in early 2026, after which the acquisition will be finalised.
The ZAR 26.5 million (N$26.5 million) purchase price includes ZAR 23 million (N$23 million) to be settled through the issue of about 8.6 million new Unicorn shares at 10 pence each, plus ZAR 1.5 million (N$1.5 million or about £60,000) in cash.
A further ZAR 2 million (N$2 million) is payable twelve months after completion, either in cash or shares at the company’s discretion. The amount also covers the settlement of minor debts owed to local landowners and former employees.
Chairman Paddy Doherty said the company’s due diligence had been time-consuming and challenging. Still, he described Klein Aub as a great opportunity and a strategic foothold in Namibia, where additional copper prospects are under review.
If the transaction proceeds, Unicorn will join a growing list of explorers positioning in Namibia’s Kalahari Copperbelt, a belt estimated to host about 8 million tonnes of contained copper across deposits such as Witvlei, Dordabis and Oamites.
Unicorn Mineral Resources Plc is a United Kingdom–based exploration and development company listed on the London Stock Exchange (LSE: UMR).
It has historically focused on base-metal and battery-mineral projects in Ireland’s Rathdowney Trend, targeting volcanogenic massive sulphide deposits similar to those of the historic Tynagh and Navan mines.
The Klein Aub acquisition marks the company’s first move outside Europe. By entering Namibia, Unicorn is seeking exposure to Africa’s fast-growing copper market within a stable, mining-friendly jurisdiction.
The company views the transaction as a bridgehead for wider regional growth along the Kalahari Copperbelt once metallurgical viability is confirmed.
The planned revival of Klein Aub would not only return a once-productive mine to life but also symbolise the broader internationalisation of Namibia’s copper industry, as European and Australian developers seek long-term exposure to Africa’s most stable copper frontier.
