Namibian authorities have transferred 10 Otavi Project exploration licences to Midas Minerals’ subsidiary, Otjitombo Mining, clearing a key hurdle in the company’s acquisition of the high-grade copper project.
The approval from the mines ministry is a significant step forward, enabling the Australian explorer to prepare for drilling in Namibia’s Otavi copper belt in Q4 of 2025.
The last outstanding condition is the Namibian Competition Commission’s review of the deal.
Managing Director Mark Calderwood said this process is expected to be largely procedural.
Once clearance is granted, Otjitombo shares can be transferred to Midas to finalise the acquisition. Completion also requires the company to raise a minimum of A$3.5 million (about N$43.8 million) before costs, with timing and pricing still to be set.
“With the transfer of the Otavi Project licences to the target entity, we have passed the key approval hurdle in the acquisition of the project,” Calderwood said.
“We look forward to completing the third-party approval process and then pushing on quickly to completion of the acquisition to allow commencement of drilling, anticipated to occur in Q4.
In the interim, we plan to commence drilling on the South Otavi Project in September.”
The Otavi Project spans 1,776 square kilometres and hosts historic shallow intercepts, including 17.2 metres at 7.24 per cent copper and 144.4 grams per tonne silver. Midas also holds an option to acquire 80 per cent of the nearby 195-square-kilometre South Otavi Project, where copper and gold exploration is already underway.
