The private placement represents the third financing announced by Koryx this year to support the development of its Haib project, which is host to a large copper-molybdenum porphyry deposit that has been advanced to the PEA (preliminary economic assessment) stage.
The PEA, with an effective date of May 2020, outlined a potential 24-year mine at Haib with annual copper production capacity of 35,332 tonnes in cathodes and 51,080 tonnes in sulphates. The base-case scenario gave the project a post-tax net present value (at 7.5% discount) of $611 million and internal rate of return of 22.7%.
The project, located in southern Namibia, has a long history of exploration and had seen development by multiple operators. Koryx, then operating under the name Deep-South Resources, acquired the exclusive prospecting licence covering the deposit, in 2004. The total licensed area is 74,563 hectares.
Prior to that, more than 70,000 metres of…
