Noronex Limited has agreed to sell its non-core Witvlei Copper Project in Namibia for N$50.4 million, in a staged cash transaction to privately owned Joint Era Mining Co (JEM).
Under the agreement, Noronex will receive 80% of the proceeds, amounting to N$40.4 million, with the remaining 20% allocated to its joint venture partner, Larchmont Holdings.
Noronex managing director and chief executive Victor Rajasooriar says proceeds will support the company’s exploration strategy.
Read more on AllAfrica.com
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