ASX-listed Aldoro Resources Ltd has strengthened its exploration capabilities in Namibia through the acquisition of a Diamec Smart 8 fully hydraulic drill rig and associated equipment, valued at N$16.9 million.
The acquisition will be settled through the issuance of 3.75 million Aldoro shares at a price of N$4.51 per share, subject to shareholder approval.
Aldoro says the purchase forms part of a drill-for-equity agreement with AMW Mining Pte Ltd, under which AMW will provide drilling services at rates up to 50% below prevailing Namibian market prices.
The arrangement also removes costs typically associated with mobilisation, standby and demobilisation.
“During the quarter, the company entered into a drill-for-equity agreement with AMW Mining Pte Ltd to advance drilling across the company’s high-grade Kameelburg REE – Niobium Project in Namibia,” Aldoro says.
“The agreement secures ownership of a Diamec Smart 8 fully hydraulic drill rig, establishing Aldoro’s in-country drilling capability and delivering significant cost and operational advantages.”
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