Unicorn Mineral Resources plans to bring Namibia’s historic Klein Aub copper mine back into production within 12 months, initially by processing millions of tonnes of copper- and silver-bearing material left on the surface by the former mining operation.
The London-listed company said on Tuesday that it would now progress a bankable feasibility study as it moves Klein Aub towards production, following the signing of a formal agreement for its previously announced acquisition of a 75% interest in Q Global Copper Namibia.
Rather than immediately reopening the underground mine, Unicorn’s near-term strategy focuses on processing about 5.5 million tonnes of historical tailings and approximately 100,000 tonnes of higher-grade slimes already at the site.
The company estimates the tailings contain an average of 0.24% copper and 7.4 grams of silver per tonne, while the slimes are estimated at 1.34% copper and 33.55 grams of silver per tonne.
These figures are in-house estimates, and Unicorn has not presented them as a current compliant mineral resource.
At the stated grades, the 5.5 million tonnes of tailings would contain approximately 13,200 tonnes of copper before metallurgical recoveries and processing losses, while the 100,000 tonnes of slimes would contain another approximately 1,340 tonnes.
This gives Unicorn a potential surface inventory containing about 14,540 tonnes of copper before recoveries. However, the amount that can ultimately be economically recovered will have to be established through technical and economic studies.
The silver content could also be significant. Based purely on the company’s stated grades, the tailings contain approximately 40.7 million grams of silver, while the slimes contain about 3.36 million grams. These figures similarly represent theoretical contained metal before recovery and economic considerations.
Unicorn believes the availability of material already mined and deposited on surface could provide Klein Aub with a considerably shorter route to production than developing a conventional greenfield copper mine.
Its immediate work will focus on determining how the tailings and slimes can be processed economically, including establishing metallurgical recoveries, processing requirements, capital costs and operating costs through the planned bankable feasibility study.
Chairman Paddy Doherty said Unicorn intends to move quickly.
“We look forward to progressing our Bankable Feasibility Study and advancing Klein Aub toward production over the next 12 months,” he said.
The 12-month timeframe is a company target, not a confirmed production date.
Regulatory work also remains outstanding. The acquisition agreement links part of the consideration to the granting of a mining licence or completion of regulatory updates with Namibia’s Ministry of Industries, Mines and Energy, indicating that the project has further permitting milestones to clear before production.
Unicorn says the acquisition costs, transaction expenses and immediate work programme at Klein Aub have already been funded through a £1.25 million unsecured loan facility secured from Electro Automation Group on 17 August.
The announcement does not, however, say that the entire capital requirement for bringing Klein Aub into production has been secured.
The feasibility study will therefore be important in determining how much money will ultimately be required to establish the processing operation and whether additional financing will be needed.
Unicorn believes existing infrastructure could help reduce development costs. The project has established road access, nearby electricity grid substations and potential access to water from the historical underground mine workings.
Surface material represents only the first stage of Unicorn’s plans for Klein Aub.
The historical underground mine previously produced more than 5.5 million tonnes of ore grading an average of 2% copper and 50 grams of silver per tonne, according to figures the company cited.
Unicorn says copper-silver mineralisation also outcrops along strike from the old mine, giving it exploration targets aimed at determining whether a new primary mineral resource can eventually be established.
No current mineral resource or reserve for a reopened underground operation was declared in Tuesday’s announcement.
This means the company’s proposed return to production is initially based on recovering metal from historical surface material rather than immediately resuming underground mining.
The distinction could significantly shorten the development process if feasibility work demonstrates that the tailings and slimes can be treated economically.
Unicorn’s move into Klein Aub comes as several Namibian copper projects advance toward development, but many remain dependent on further exploration, feasibility studies, financing, or permitting.
Klein Aub has the advantage of being a former producing operation with material already on surface and some infrastructure in place.
Whether that advantage is sufficient to deliver Unicorn’s targeted return to production within 12 months will now depend on the feasibility study, metallurgical performance, regulatory approvals and the financing required to establish the processing operation.
