Australian company buys 85% stake in Kameelburg rare earth project for N$3m

Logan Exploration & Investment and Okonde Mining & Exploration have agreed to sell an 85% stake in the Kameelburg rare earth project to the Australian company Aldoro Resources for N$3m.

Aldoro Resources Ltd is an ASX-listed mineral exploration and development company with a portfolio of lithium, rubidium and base metal projects in Western Australia. 

The Kameelburg project under mineral permits 7373, 7372, and 7895 is about 300km north of Windhoek in the Kalkveld area.

Aldoro Resources agreed to pay an initial N$500 000 (A$41,000) and another N$2,5m (A$201,000) when the deal is closed.

The company also agreed to issue 500,000 fully paid ordinary shares in the capital of Aldoro.

The payments will be made on completion of due diligence by Aldoro on the project and the permits to the satisfaction of Aldoro and confirmed in writing.

The other condition is that the exclusive prospective licence 7373 should be renewed successfully and that the parties obtain any necessary shareholder, regulatory, governmental, or third-party consents and/or approvals (as applicable) to allow them to complete their respective obligations.

Aldoro will conduct a site visit, organise a due diligence sampling programme, set up an operating framework for Namibia, organise a local controlling entity, and visit local stakeholders. 

Aldoro Resources chairperson Troy Flannery said the critical metals transaction is an excellent opportunity for the company, as it increases our rare earths exposure in what appears to be an extremely large outcropping carbonatite deposit. 

Flannery also said they are comfortable with the project’s location in Namibia, which the Fraser Institute ranks as the 2nd most favourable jurisdiction (behind Morocco) on the Policy Perception Index (PPI) across the African continent.


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