Judge expects to issue judgment in Haib prospecting licence renewal case in Nov
TSX-V-listed Deep-South Resources announced that the High Court of Namibia’s hearing of the review of the Minister’s decision not to renew the exploration and prospecting licence for the Haib copper project was held on October 3, and the judge indicated that a written judgment was to be expected on November 18.
Mining Weekly previously reported that the matter relates to the renewal of the exclusive prospecting licence 3140 covering Haib, 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.
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