(Ecofin Agency) - Namibia’s Competition Commission approved June 13 the acquisition by Weatherly International of an additional 65% state in China Africa Resources Namibia (CARN) which  holds 100% of the Berg Aukas zinc-lead-vanadium project.

The company reported that all prerequisites were met, and the acquisition was completed in accordance with the terms of its agreement with Hong Kong East China Non-Ferrous Mineral Resources.

Under the agreed terms, Weatherly will increase interest in CARN from 25% (currently held) to 90% for $600,000 in cash money.

Let’s note that the company which is active on Tschudi and Otjihase zinc projects sees this transaction as an opportunity to diversify its portfolio as the prices of zinc, lead and vanadium have improved compared to 2014.