Noronex progresses sale of noncore asset in Namibia
ASX-listed Noronex has received a non-refundable option fee of A$200 000 in cash under the terms of its agreement with privately owned mining company Joint Era Mining (JEM) for the previously announced divestment of its noncore Witvlei project, in Namibia.
Under the terms of the sale agreement, JEM was required to pay the option fee on an 80:20 basis to Noronex and its joint venture partner Larchmont Holdings (LIH).
The payment of the non-refundable option fee within seven days of the signing of the binding heads of agreement on November 24 triggers a three-month exclusivity period allowing JEM to complete due diligence on the Witvlei project.
The total consideration value of the transaction is A$4.5-million, payable in stages.
The Witvlei project is contained within EPL 7028 and 7029. The licence area represents 29 000 ha of Noronex’s current 858 000 ha exploration package.
The Witvlei project is located at the western end of Noronex’s extensive copper portfolio, which spans 300 km within the Kalahari Copper Belt.
The successful sale of Witvlei will allow the company to focus on its extensive copper portfolio including the Humpback, Damara and Powerline projects, which are currently being drilled as part of earn-in agreements with South32, Noronex points out.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Latest Multimedia
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
