Australian mining company Aldoro Resources has signed a memorandum of understanding (MoU) with WILLETECH International Investment for a potential N$7 billion investment to develop Namibia’s Kameelburg Critical Minerals Project into a commercial mining operation.
In a statement issued on Thursday, Aldoro said the proposed partnership would see WILLETECH acquire a 51% stake in the project through the subscription of new shares in Kameelburg Exploration Mining (Pty) Ltd.
Under the proposed arrangement, Aldoro would retain a 42% interest, while Namibian shareholders would hold 7%, down from their current 15% stake in the project company.
WILLETECH intends to secure development funding of at least RMB 2 billion (approximately A$429.1 million or N$7 billion) to finance the project’s development, construction and transition to commercial production.
“Procure and provide development investment of not less than RMB 2 billion (~AUD 429.1 million) to advance the Project through development and construction to commercial production, including funding and such technical, engineering, market and industrial resources as agreed by the parties, which investment is a non-binding commitment under the MOU and is intended to be deployed in stages against milestones to be set out in the Definitive Agreements,” the statement read.
However, Aldoro clarified that the proposed investment is not legally binding at this stage and would be deployed in phases, subject to the conclusion of definitive agreements and the achievement of agreed project milestones.
As part of the proposed agreement, WILLETECH intends to make RMB 100 million (approximately A$21.5 million) in initial funding available, subject to China’s outbound investment approval process.
Aldoro confirmed that the initial funding had been placed in a supervised account in China, pending the necessary approvals for its transfer to Namibia.
Aldoro Executive Chair Quinn Li described the partnership as a significant milestone in the company’s transition from mineral exploration to commercial development.
“This MOU represents one of the most important milestones in Aldoro’s transition from an exploration company towards a global critical-minerals developer,” Li said.
He added that WILLETECH’s expertise in German materials technology, Singapore’s international trade and investment networks, and China’s manufacturing capabilities would support the project’s development.
The Kameelburg project, located within exploration licence EPL 7373, hosts deposits of rare earth elements, strontium and niobium, minerals used in electric vehicles, wind turbines, industrial motors and other advanced technologies.
According to Aldoro’s August 2026 mineral resource estimate, Kameelburg contains approximately 804.5 million tonnes of mineral resources, including an estimated 1.37 million tonnes of neodymium-praseodymium (NdPr) oxides.
Namibian director and local partner King Frans Indongo Jr welcomed the proposed investment, saying it could strengthen Namibia’s position in the global critical minerals industry.
“We will work closely with our partners to advance the Project in a way that supports sustainable development, creates employment and skills opportunities for Namibians, and delivers lasting benefits for local communities and the region,” he said.
The partners are also considering a future listing of the project on the Hong Kong Stock Exchange to support its long-term financing and development.
The proposed transaction remains subject to definitive agreements, shareholder approval, applicable Namibian regulatory approvals and Chinese outbound investment approvals.
Aldoro said the parties intend to finalise the definitive agreements within 15 business days.
