Trigon Mining Namibia recorded a loss of N$425.1 million for the 2024 financial year, largely attributed to operational challenges and the transition from open-pit to underground mining, according to the Chamber of Mines of Namibia.
The company generated a turnover of N$566.8 million during the year under review.
Trigon was redeveloping the old Kombat copper mine in partnership with Epangelo Mining and Texel Mining and Exploration.
Underground operations commenced in January 2024, replacing open-pit mining, which ceased in September after underground mining was deemed more cost-effective.
However, the company faced setbacks due to frequent power supply interruptions and failures in the dewatering pump system.
“Frequent power supply interruptions and dewatering pump failures resulted in unplanned operational downtime. Particularly affected was the mine dewatering system that limited the rate at which mining could access the lower mining levels,” the Chamber noted in its latest report.
Despite the challenges, Trigon produced a total of 15,338 dry metric tonnes of copper concentrate. Open-pit operations delivered 161,000 tonnes of copper ore at a grade of 1.07%, while underground mining yielded 207,000 tonnes at a higher grade of 1.91%.
“The copper market remained stable, with concentrate sales under an exclusive offtake agreement with global trader IXM S.A.,” the Chamber added.
Procurement expenditure totalled N$654.6 million, of which N$350.1 million, or 53.48%, was spent locally. The company paid N$110.1 million in wages and salaries, made fixed investments of N$212.8 million, and contributed N$12.9 million in royalties and N$5.2 million in export levies. No corporate tax or dividends were paid during the year.
On health and safety, the Chamber reported two lost-time injuries and 19 minor incidents, but no serious injuries. “Despite these incidents, the company has maintained an excellent safety record since resuming operations,” it said.
Trigon invested N$690,000 in corporate social responsibility initiatives and N$570,000 in training and skills development, which included original equipment manufacturer (OEM) training for underground equipment operators and refresher courses in drill and blast techniques.
The company also extended community support through local employment, water supply to the town of Kombat, and emergency medical services. “Trigon contracted an emergency medical evacuation company to provide full-time paramedic and ambulance services at the mine. This service was extended to the Kombat community, assisting with medical emergencies, including births and critical conditions such as heart attacks,” the report stated.
All required environmental permits were secured, and Environmental Impact Assessments were carried out for all mining and dewatering activities.
The Chamber concluded that the financial loss was primarily due to the operational disruptions and the cost implications of shifting to underground mining.
Trigon Mining Namibia is majority-owned by Trigon Metals (80%), with Epangelo Mining and Texel Mining and Exploration each holding a 10% stake.
