Australian-listed mining company Noronex Limited has completed the sale of its non-core Dordabis Copper Project (EPL 7030) in Namibia after receiving the final payment of N$5 million (A$440,000) from buyer Umino (Pty) Ltd.
The payment brings the total value of the transaction to N$11.5 million.
The Dordabis licence represents approximately 2% of Noronex’s Namibian exploration tenure and formed part of the Witvlei-Dordabis asset group acquired by the company in 2020.
The project was held through the joint venture vehicle Aloe 237 (Pty) Ltd, in which Noronex owned an 80% stake while partner Larchmont Holdings held the remaining 20%.
According to the company, Larchmont has elected to receive its portion of the final payment as 50% cash and 50% Noronex shares, a move Noronex said reflects confidence in the company’s broader exploration portfolio.
Noronex Managing Director and Chief Executive Officer Victor Rajasooriar said the divestment forms part of the company’s strategy to streamline its asset base and focus on higher-priority copper and uranium exploration targets.
“The funds received will be directed towards advancing exploration at our Namibian uranium project, where we see significant potential for value creation. With the Dordabis transaction now complete, our efforts can be concentrated on the high-priority copper and uranium targets across our portfolio. The additional funding strengthens our balance sheet to support the next phase of exploration across these projects,” he said.
Following completion of the transaction, 86% of the shares in Borage (Pty) Ltd, the entity holding EPL 7030, have been transferred to Umino. Noronex retains an 11.2% shareholding while Larchmont Holdings holds the remaining 2.8%.
Under the agreement, Umino will assume responsibility for all future project costs and has the option to acquire the remaining 14% equity in Borage within three months for an additional N$2.2 million.
The sale marks Noronex’s planned exit from the Dordabis project and allows the company to concentrate resources on its other Namibian copper and uranium projects, including the Humpback, Damara and Powerline prospects, which are currently being drilled under earn-in agreements with South32.
