Noronex progresses sale of noncore asset in Namibia
ASX-listed Noronex has received a non-refundable option fee of A$200 000 in cash under the terms of its agreement with privately owned mining company Joint Era Mining (JEM) for the previously announced divestment of its noncore Witvlei project, in Namibia.
Under the terms of the sale agreement, JEM was required to pay the option fee on an 80:20 basis to Noronex and its joint venture partner Larchmont Holdings (LIH).
The payment of the non-refundable option fee within seven days of the signing of the binding heads of agreement on November 24 triggers a three-month exclusivity period allowing JEM to complete due diligence on the Witvlei project.
The total consideration value of the transaction is A$4.5-million, payable in stages.
The Witvlei project is contained within EPL 7028 and 7029. The licence area represents 29 000 ha of Noronex’s current 858 000 ha exploration package.
The Witvlei project is located at the western end of Noronex’s extensive copper portfolio, which spans 300 km within the Kalahari Copper Belt.
The successful sale of Witvlei will allow the company to focus on its extensive copper portfolio including the Humpback, Damara and Powerline projects, which are currently being drilled as part of earn-in agreements with South32, Noronex points out.
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