Celsius Resources has announced its intention to sell the Opuwo Cobalt Project, as indicated in its September 2024 corporate presentation.
Although details of the project were not provided, the company has shifted focus to its other projects in the Philippines.
The company initially sought a strategic partner for the project in March 2024 and, by April, reported early-stage discussions for a potential transaction involving the sale of all or part of its shares in the Opuwo project.
Celsius entered Namibia in 2019 through a full acquisition of Opuwo Cobalt Pty Ltd, which holds the rights to the Opuwo Cobalt Project under EPL 4346.
The company had previously secured a 30% interest in the project in 2017, alongside joint venture partners Gazania Investments and Amor Investments.
In September 2017, Celsius increased its stake by 20%, purchasing it from Gecko Namibia for A$1.3 million and expanding its landholding to 1,470 km².
This was bolstered by Gecko’s disposal of a 95% interest in three additional licenses. The Namibian Former Robin Island Political Prisoners Trust owns the remaining 5%.
The Opuwo deposit boasts a mineralized strike length of 25 km, with only 13 km drilled, and remains open for further exploration.
The project holds an updated mineral resource of 225.5 million tons, grading 0.12% cobalt, 0.43% copper, and 0.54% zinc, with 259,000 tons of contained cobalt, positioning Opuwo as a future supplier of cobalt for the growing battery market.
