The Namibia Competition Commission has cleared Midas Minerals’ acquisition of the Otavi Copper Project, marking the end of a seven-month regulatory and corporate approval process and setting the stage for one of the most ambitious copper exploration programmes Namibia has seen in recent years.
With the final approval secured, the Australian explorer will complete the transaction in November 2025 and immediately begin deploying a four-rig drilling fleet across the 1,776-square-kilometre project area.
For Midas, the Otavi acquisition is more than an entry into a new jurisdiction; it is a calculated move into one of Africa’s oldest and richest carbonate-hosted copper belts.
The Otavi Mountain Land has produced copper, lead and zinc for more than a century, yet vast parts of the district remain underexplored by modern standards.
When Midas announced its agreement with Nexa Resources in May 2025, the company described Otavi as a high-grade copper opportunity that had been hiding in plain sight.
Today, with regulatory clearance granted, that opportunity is ready to be tested with scale and speed.
The Otavi Copper Project was held by Nexa Resources, the São Paulo-headquartered base-metals producer listed in New York.
Nexa had completed reconnaissance work but did not progress the ground toward resource delineation.
For Midas, the acquisition provides ten exclusive prospecting licences covering 1,776 square kilometres, a commanding position in a geologically endowed base-metal belt, two advanced prospects ready for systematic drilling at T13 and Deblin, and a pipeline of underexplored targets.
Only 36 per cent of the project area has ever been subject to modern exploration.
In late November 2025, the Namibia Competition Commission issued unconditional merger control clearance, the final third-party approval Midas needed following earlier internal and government-related compliance steps.
The decision confirmed that Midas’ entry into Namibia’s copper sector raises no competition concerns and aligns with national policy encouraging geological advancement and inward investment.
With the approval secured, Midas and Nexa are completing the final administrative steps to formalise the transfer.
Midas is wasting no time preparing for drilling. Managing Director Mark Calderwood said contractors are being finalised and schedules aligned to bring rigs into the field immediately after completion.
Drilling is set to begin in the fourth quarter of 2025, supported by a fleet of one reverse-circulation rig and three diamond rigs.
The company’s strategy focuses on rapid definition drilling at T13 and Deblin, systematic testing of high-priority anomalies across the licences and district-scale geological modelling to refine the broader understanding of the Otavi Mountain Land.
The acquisition also strengthens Midas’ regional footprint. The company holds an option over the nearby South Otavi Project, located roughly 25 kilometres north of the Otjikoto gold mine.
First-pass drilling began on this ground in early September 2025, covering 3,000 metres across about 100 shallow holes.
This gives Midas flexibility to pursue discoveries across a wider district and to consolidate emerging trends as drilling unfolds.
Midas enters this new phase with a solid funding base. After completing an $11.5 million equity placement earlier in 2025, the company held approximately $15.3 million in cash at the end of September.
The treasury supports rig mobilisation, early drilling, geological and geophysical programmes, and the initial build-out of field infrastructure.
It places Midas in a strong position to execute the multi-rig programme planned for Otavi and to maintain momentum at South Otavi.
The Otavi Mountain Land is one of Africa’s most historically significant carbonate-hosted copper districts. It is known for high-grade copper and lead carbonates, stratabound sulphide orebodies, and complex structural settings that favour mineral deposition.
Historic mines such as Tsumeb and Kombat helped define the district’s early reputation, but the modern geological architecture remains poorly constrained, mainly due to the fragmented nature of past exploration. Midas intends to change that by integrating structural mapping, geophysical interpretation, drilling and petrological studies into a modern exploration framework.
With approvals in hand, rigs being mobilised and funding secured, Midas is positioning the Otavi district for a return to the forefront of Namibian copper exploration. The coming year will determine whether one of the country’s oldest mining regions can deliver a new cycle of discovery success under modern exploration techniques.
