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Noronex completes $800,000 sale of Namibian copper asset to focus on more prospective ground
Noronex completes $800,000 sale of Namibian copper asset to focus on more prospective
About this update from Noronex Ltd.
Noronex Limited (ASX: NRX) has completed the divestment of its non-core Dordabis Copper Project (EPL 7030) in Namibia to a local firm, Umino (Pty) Ltd (Umino), after it received the last instalment of $305,440 , it said on March 11 . The Dordabis licence, which represents about 2% of Noronex’s total Namibian tenure, was originally part of the Witvlei-Dordabis asset group acquired in 2020. Dordabis is held under a joint venture (JV) vehicle, Aloe 237 (Pty) Ltd ( Namibia ), which owns EPL7030 through a subsidiary company, Borage (Pty) Ltd ( Namibia ). Noronex said in a release that its 20% JV partner at Dordabis, Larchmont Holdings , has elected to receive its allocation of the final transaction payment as 50% in cash and 50% in Noronex shares. Following receipt of the last payment, 86% of the shares in Borage will be transferred to Umino. Noronex and Larchmont Holdings will maintain 11.2% and 2.8% interest, respectively. Umino retains the right to acquire the remaining 14% equity in Borage within the next three months for an additional $134,390 . Noronex Managing Director and CEO, Victor Rajasooriar , said the divestment, for total consideration of about $800,000 , aligns with the firm’s strategy to streamline its asset base and focus on its most prospective opportunities. “The decision by our JV partner, Larchmont Holdings , to receive its allocation as 50% cash and 50% shares in Noronex is also a testament to its belief in the value of the company’s broader tenement package, while further bolstering our cash balance,” said Rajasooriar. “The funds received will be directed toward advancing exploration at our Namibian uranium project, where we see significant potential for value creation. With the Dordabis transaction now complete, our efforts can be concentrated on the high-priority copper and uranium targets across our portfolio. The additional funding strengthens our balance sheet to support the next phase of exploration across these projects.' © 2026 bne IntelliNews, source Magazine