adminJuly 16, 2025

The sale of Namibia’s copper mine, Kombat, has officially been concluded at a cost of N$428.7 million, or US$24 million. This comes as Canadian company Trigon Metals on 27 May concluded the deal with Horizon Corporation and Kamino Minerals and sold its 80% majority shareholding. According to a press release by Trigon Metals on Thursday, the consideration for the transaction is all-cash. Trigon Namibia founding shareholder Knowledge Katti says he strongly supports the transaction and Horizon’s move as the new investor in the Kombat mine. He says the transaction would create new jobs for the community as well as improve people’s living standards. “As a proud Namibian shareholder, I wholeheartedly support Horizon Corporation as the new investor in the Kombat Mine. Horizon’s proven experience in the mining sector positions them to successfully reopen the mine, creating much-needed jobs for our community. The people and children of the Kombat area urgently need this project to resume operations, as it will significantly boost living standards and bring economic hope to our region,” Katti says. Trigon Metals executive chairman and chief executive Jed Richardson says with the signing of the definitive agreement, the company is taking the final steps toward securing shareholder approval. He explains that upon a successful vote, US$2 million will be advanced to Trigon, forming part of the $24 million the company will receive ahead of the official closing process. “Subject to Namibian completion approvals, the balance will follow in structured payments after nine months in which case we begin receiving US$3 million instalments quarterly and the US$4 million outstanding loan will be forgiven. These proceeds, combined with the potential production bonus and ongoing royalty, provide a strong and flexible foundation for our continued growth at Silver Hill, Addana, and the Kalahari Copperbelt,” he says. The Transaction will be implemented by way of the acquisition by Kamino Minerals, an affiliate of Horizon. The post Kombat sold for N$428.7m appeared first on The Namibian.

ReconAfrica has closed a C$19 million (about N$248 million) upsized public offering of units, including the full exercise of the over-allotment option, to fund upcoming exploration activities in Namibia’s Kavango Basin. Proceeds will be used to drill the Kavango West 1X exploration well—ReconAfrica’s second test of the Damara Fold Belt

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The oil is not yet out of the ground, however, plans to build an oil refinery have become a priority for the government. President Netumbo Nandi-Ndaitwah says this is part of the country’s efforts in maximising the economic benefit of the nation’s energy resources and promoting local participation in the sector. In a speech delivered on her behalf at the seventh edition of the Namibia International Energy Conference yesterday, Nandi-Ndaitwah said: “Local content also includes value addition such as developing downstream capacity and infrastructure like a refinery”. Nandi-Ndaitwah added that the country has one of the most favourable petroleum fiscal regimes and incentives in Africa, therefore, making it the best place for investments. “Our goal is to export power, strategic energy commodities, and knowledge partnerships, while promoting regional integration and helping reshape intra-African trade through energy-led industrialisation,” said Nandi-Ndaitwah. African Energy Chamber executive chairman NJ Ayuk has told Namibia to aggressively pursue its hydrocarbon resources for the betterment of the country. Ayuk says there have been talks of decarbonisation, however, the energy gap on the African continent requires the continent to use of all available sources of energy. “Produce every drop of hydrocarbons you can find and better the life of your people, and I urge the industry to do one thing and one thing only – drill, baby, drill,” he says. However, Ayuk adds that this push for production must be in sync with the empowerment of Namibians. “As we sit here as an industry, proclaiming our right to drill every prospect we find, it’s also important that we proclaim that Namibians need to be part of it. We cannot have an industry where local content is not part and parcel,” says Ayuk. Additionally, he says the African Energy Chamber will continue to support Namibia and its energy ambitions. “And I promise you, as long as I’m the chair of the chamber, we are going to back this conference and we’re going to back Namibia. The only way we’re not going to support it is if they take me out. I don’t think they will any time soon. They’ve tried, I’m still standing.” Ayuk adds that there is an urgency to translate discoveries into production. He made examples of other African nations where delays hindered progress. “Case in point, Ghana had great discoveries. Three months later, Uganda had great discoveries. Ghana produced three and a half years later. Uganda didn’t produce for 17 years,” he says. According to a report by Namibia Mining and Energy earlier this year, Namibian company ISF Trading Enterprises announced plans to build a 300 000-barrels per stream day modular oil refinery at Walvis Bay. The refinery will initially process imported crude oil, with a transition to locally sourced crude oil expected by 2027 to 2028 as Namibia’s oil production ramps up. As part of the refinery development, the company also plans to construct a crude and petroleum products tank farm. The facility will feature a 12-day crude storage capacity of 573 000m3 across 12 tanks and a three-day refined product storage capacity of 145 000m3 across eight tanks, supporting the refinery’s operations at full capacity. The conference is being held under the theme ‘Leading The Way: Becoming An Energy Hub with In-Country Value’. The post Nandi-Ndaitwah pushes for oil refinery appeared first on The Namibian.

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