Celsius Resources has found partners for its 95% interest in the Opuwo Cobalt-Copper Project.
The company announced in its quarterly activities report for March 31, 2024, that it was in early-stage discussions with a strategic partner(s) concerning the disposal.
The Opuwo Cobalt Project is the largest deposit in Africa outside the DRC.
The project is under Celsius Resources’ subsidiary, Opuwo Cobalt Holdings.
Celsius Resources says it has initiated the draft non-binding agreements for a potential transaction with a strategic partner(s) to dispose of its 95% interest in the project.
According to the October Quarterly Activities/Appendix 5B Cash Flow Report,
Celsius Resources had indicated that the agreement would be executed before October 31.
The company says it will announce due course through its continuous disclosure obligations once negotiations have been completed and a binding agreement is executed.
Gecko Cobalt Holdings holds the Opuwo Cobalt Project license 4346, which expires on October 10, 2025.
The Opuwo Cobalt Project’s updated indicated and inferred mineral resources doubled to 225.5 million tons, grading 0.12% cobalt, 0.43% copper, and 0.54% zinc.
It contains 259.000 tons of cobalt, demonstrating the potential to be a significant future supplier of cobalt in the battery market.
Celsius Resources acquired 100% of Opuwo Cobalt in 2017 to gain 76% of the Opuwo Cobalt Project’s exposure.
The Opuwo Cobalt shareholders were Elysium Growth Nominees Pty Ltd, Grove Trust, Morrigan Services Pty Ltd, Naley Pty Ltd, Golden Dawn Limited, Lenoir Capital Pty Ltd, Greensea Investments Pty Ltd and JP Security Holdings Pty Ltd.
Celsius Resources’ interest in the Opuwo Cobalt increased in September 2017 when Gecko Holdings agreed to sell its 20 in Gecko Cobalt.
Gecko has agreed to sell Celsius a 95% interest in three surrounding Opuwo region licenses, covering approximately 782 km2.
Amor Investments has the other 5% of all project licenses.
