Celsius Resources Divests Namibian Cobalt-Copper Project to Chinese Firm
What happened
Celsius Resources Limited sold its 95% interest in the Opuwo Cobalt-Copper Project in Namibia to Chinalco (Xiong’an) Mining Corporation Limited, a subsidiary of Aluminum Corporation of China. The transaction was completed for a total cash consideration of US$15 million. Separately, Celsius Resources and its subsidiary filed a criminal complaint in the Philippines against Ms. Erika I. Chalmers, President of Sodor, Inc.
From investegate.co.uk
Why it matters
The divestment of the Namibian project provides Celsius Resources with a material source of near-term funding and allows the company to increase its concentration on its copper-gold projects in the Philippines.
From investegate.co.uk
Who's involved
- Aluminum Corporation of ChinaParent company of the buyer, Chinalco, which acquired the Opuwo Project.
- NamibiaLocation of the Opuwo Cobalt-Copper Project that was divested.
- PhilippinesLocation where Celsius Resources filed a criminal complaint against Ms. Erika I. Chalmers.
- Davao OccidentalA province within the Philippines.
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The entities involved
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Philippines
archipelagic country in Southeast Asia
- Governors urged the US to include the Philippines in a visa program to boost ties, discussing potential inclusion in the visa program.
- Ayala Corporation and Mitsubishi Corporation are deepening their partnership in the Philippines with a P44.5-billion transaction that establishes economic ownership and operational headquarters.
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Namibia
country in Southern Africa
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Aluminum Corporation of China
State-owned aluminium company headquartered in Beijing, China
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