Deep-South took the case to Namibia’s High Court, which dominated that no permits may very well be granted over the identical space till additional discover.
The court docket was scheduled to carry a listening to on Thursday wherein the mining minister’s request for an extension can be thought of. The corporate stated its authorized crew was able to request the choose a “simply and speedy dedication” of the case.
From April 2017 to April 2021, Deep-South invested greater than C$2 million ($1.6m) on the mission, together with an up to date preliminary financial evaluation. The miner has additionally proposed a C$7.1 million feasibility research and C$25.5 million pilot plant.
Since receiving information of the licence refusal, Deep-South has halted all work on the mission situated within the excessive south of Namibia, near the border with South Africa, and laid off its staff on website.
The corporate had acquired the rest of the mission in 2017 from Teck Sources, which is one among its main shareholders.
The up to date PEA in December had put Haib’s after-tax NPV at $957 million and IRR at 29.7% utilizing a $3 per pound copper value, envisaging a 24-year mine producing 35,332 tonnes each year of copper cathodes and 51,080tpa copper sulphate.
Deep-South can be investigating its worldwide authorized choices and stated it is going to disclose its technique sooner or later.