The Namibian Competition Commission has approved the sale of Trigon Metals Inc.’s 80% interest in the Kombat Mine and associated assets to Horizon Corporation for N$418 million.
The approval, effective 12 September 2025, marks a key step towards finalising the transaction first announced in May.
Trigon confirmed that final approval from the TSX Venture Exchange is still pending, with both parties now working to meet the remaining closing conditions.
“We are pleased to have reached this important step and thank the Competition Commission for their timely approval. Horizon is committed to working alongside Trigon and all stakeholders to ensure a smooth project expansion phase and mine restart. We look forward to unlocking the mine’s long-term potential and ensuring sustainable operations for the benefit of all parties,” he said.
Knowledge Katti, founding shareholder in Trigon Namibia, described the approval as a pivotal moment for the project.
“I am proud that this transaction ensures continued community involvement through Epangelo Mining’s 10% shareholding, reinforcing our commitment to Namibia’s sustainable development. We are thrilled about the next steps to bring the mine back into operation, creating jobs for Namibians and delivering lasting benefits to the region,” he said.
As part of the agreement, Horizon advanced N$34.86 million (US$2 million) to Trigon following shareholder approval of the sale in July.
This forms part of the total N$418.32 million transaction value. Subject to completion approvals in Namibia, the balance will be paid in structured instalments over nine months, after which quarterly payments of N$52.29 million (US$3 million) will commence.
The deal also includes forgiveness of an outstanding N$69.72 million (US$4 million) loan.
According to Trigon, the proceeds, together with a potential production bonus and ongoing royalty, will provide a strong foundation for continued growth at its Silver Hill, Addana and Kalahari Copperbelt projects.
