Global mining investment firm Appian Capital Advisory has acquired a 95% controlling equity interest in the Omitiomire copper project.
The firm plans to invest more than US$400 million (about N$7.2 billion) to bring the project into production.
The same firm acquired Rosh Pinah Zinc in 2023.
According to a statement issued by the company yesterday, the project is capable of producing about 30 000 tonnes of copper annually over a projected 15-year mine life.
The project is located about 140 kilometres northeast of Windhoek, and contains an estimated 520 000 tonnes of copper in mineable inventory.
According to Appian, the acquisition strengthens its global portfolio of energy transition metals as demand for copper continues to rise due to electrification and renewable energy infrastructure development.
“Copper demand is forecast to increase steadily through 2035, driven by global electrification and energy transition infrastructure,” the company says in a statement.
Appian chief executive Michael Scherb says the project aligns with the company’s long-term investment strategy.
“The project complements our portfolio, offering near-term production alongside long-term growth potential,” says Scherb.
He adds that the company’s technical assessments identified “a clear path to strong cash generation and value creation through disciplined development and resource expansion.”
Scherb describes Namibia as “a trusted jurisdiction for Appian.”
“We look forward to delivering this project responsibly and efficiently for the benefit of all stakeholders,” he says.
A bankable feasibility study (BFS) cited by the company confirms a measured and indicated mineral resource of 123 million tonnes grading 0.51% copper.
This means that for every 100 tonnes of rock, about 0.51 tonnes is copper.
A BFS is a study used by investors and banks to decide whether a mining project is financially viable and worth funding.
Appian says its due diligence identified opportunities to improve the project’s economics, including transitioning from a leach-based processing system to a flotation processing route and optimising mine scheduling to reduce upfront capital costs.
The company adds that the project’s offtake remains “unencumbered,” allowing flexibility in future commercial agreements, with discussions already underway with potential partners.
The project also includes a 5% ownership stake held by the Craton Foundation Trust, a Namibian community trust supporting social and educational initiatives.
Appian says the mining licence for the project remains valid until 2036, with an option for renewal.
