The Omitiomire Copper Project, located in central Namibia, is moving closer to development. The project is being operated by Omico Mining Corp via its Namibian subsidiary, Craton Mining and Exploration.
Drilling to date has identified a Canadian Institute of Mining (CIM) measured and indicated resource of 95.8 million tonnes at 0.59% total solvent extraction and electrowinning (SX-EW) extraction. The project is undergoing a rigorous metallurgical test work programme to confirm that the chloride leaching process using salt and sulphuric acid is a viable processing route at scale.
If the metallurgical test work is successful, the project will move into the bankable feasibility study phase. The study is well underway and is expected to be completed by Q4 2023.
The Omitiomire Copper Project is located 120km northeast of Windhoek. The mining licence is valid until March 2036. The development base case anticipates the production of 30 000 tonnes per annum of LME Grade A copper cathode for at least 15 years, targeting only open-pit mineralisation. According to Craton, the project capital expenditure is estimated to be around US$250 million.
The area is outside of any national parks, heritage-listed areas, groundwater-controlled areas or Namibian areas of significance. The Environmental and Social Impact Assessment methodology applied to the permitting process follows Namibian laws, international and national best practices and has been developed using International Finance Corporation (IFC) standards and models.
The Omitiomire Copper Project has the potential to be a significant economic contributor to Namibia. The project is expected to create over 1 000 jobs during construction and over 500 jobs during operations. The project is also expected to generate significant tax revenue for the government.
In October last year, the company announced the appointment of Ingo Hofmaier as CEO. The company said Hofmaier is well-regarded in the natural resources industry with over 20 years of general management, corporate finance and investment banking experience across Africa, Asia, and South America. He has significant experience in executing projects and managing complex joint ventures, equity investments, as well as mergers and acquisitions and corporate finance transactions across multiple jurisdictions.
Omico is working closely with the community and local stakeholders to ensure that all concerns are addressed in a transparent and positive fashion. Environmental baseline studies are also ongoing. The environmental and social impact assessment methodology applied to the permitting process follows Namibian law, international and national best practices and has been developed using international finance corporation (IFC) standards and models.
Omico said they are committed to working with the community and stakeholders to ensure that the project is developed in a responsible and sustainable manner.