Minister Tom Alweendo declined to renew Deep-South’s licence in June 2021 citing the Vancouver-based company’s inability to advance to a prefeasibility stage and complete the proposed drilling program as planned.
Deep-South took the case to Namibia’s High Court, which ruled that no permits could be granted over the same area until further notice.
From April 2017 to April 2021, Deep-South invested more than C$2 million ($1.6m) on the project, including an updated preliminary economic assessment. The miner has also proposed a C$7.1 million feasibility study and C$25.5 million pilot plant.
The company had acquired the remainder of the project in 2017 from Teck Resources, which is one of its major shareholders.
The updated PEA in December had put Haib’s after-tax NPV at $957 million and IRR at 29.7% using a $3 per pound copper price, envisaging a 24-year mine producing 35,332 tonnes per annum of copper cathodes and…
