Chamwe Kaira
Celsius Resources has begun drafting non-binding agreements for a potential deal with a strategic partner to sell its 95% interest in the Opuwo Project.
The company said it continues to look for a suitable buyer after previous sale attempts were not completed.
“No significant activities have been undertaken for the Opuwo Project in this past year,” Celsius announced.
The Opuwo Cobalt Project, held under Celsius’ Namibian subsidiary Opuwo Cobalt Holdings (Pty) Ltd, is located about 730 kilometres northwest of Windhoek.
Exploration permits for the project have been under renewal since early 2025 and are expected to be finalised in the coming months. The process has been delayed due to a change of government earlier this year.
The Opuwo Project hosts the largest cobalt deposit outside the Democratic Republic of the Congo. Its updated indicated and inferred mineral resource has doubled to 225.5 million tonnes, grading 0.12% cobalt, 0.43% copper, and 0.54% zinc.
Celsius said the 259,000 tonnes of contained cobalt highlight Opuwo’s potential to become a major future supplier to the global battery market. The 970,000 tonnes of contained copper are expected to improve the project’s viability given current and forecast copper prices.
The company said it is reviewing ways to strengthen the project’s feasibility amid rising cobalt and copper prices and is awaiting feedback from the Ministry of Environment and Tourism on its Environmental Impact Assessment.
“The priority is to review the project and to understand how best to unlock potential value for the benefit of the company and its shareholders,” the statement read.
Cobalt is mainly mined as a by-product of copper and nickel extraction, with most production coming from the DRC, Russia, and Zambia.
According to the Chamber of Mines of Namibia, the country’s mining outlook remains positive, supported by global demand for gold and uranium. High gold prices and uranium’s key role in the energy transition are boosting profitability and investment. The Chamber said this favourable pricing environment strengthens the case for new projects, such as Bannerman Energy’s Etango-8 uranium development, Reptile Mineral Resources’ Tumas project, and Osino’s Twin Hills gold project.
Caption
The Opuwo Cobalt Project is seeking a strategic partner.
- Photo: Celsius Resources
