Deep-South says final hearing over Haib copper licence to be held early in Oct

6th July 2022

By: Marleny Arnoldi

Creamer Media Contributing Editor Online


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Dates for the final hearing between TSX-V-listed Deep-South Resources and the Namibian Ministry of Mines and Energy has been set for October 3 and 4.

During a case management meeting on June 30, which served to prepare for the final hearing, the High Court of Namibia ordered Deep-South’s subsidiary Haib Minerals to file its heads of argument (HoA) by September 12, while the Minister of Mines and other respondents have until September 19 to file their HoA.

Mining Weekly previously reported that the matter relates to the renewal of the exclusive prospecting licence 3140 covering Deep-South’s Haib copper project, in southern Namibia, which was refused by Namibia Mines and Energy Minister Tom Alweendo in June 2021.

At the time, the Ministry cited Deep-South’s inability to advance the licence to prefeasibility study (PFS) stage and complete a proposed drill programme as planned.

The company maintains that the issue was a misunderstanding and that government remained apprised on a proposed change from a PFS to an upgraded preliminary economic assessment (PEA) to be done on the project instead, as well as the start of a full feasibility study.

The PEA estimated an after-tax net present value for the project of $957-million and an internal rate of return of 29.7% using a $3/lb copper price. The mine is envisaged to produce 35 332 t/y of copper cathode and 51 080 t/y of copper sulphate, over a 24-year mine life.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


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