• Koryx Copper’s Haib project needs $1.56B for development

• Project targets 88,000 tons/year over 23 years

• DFS due 2026; license and funding still pending

Koryx Copper announced a preliminary economic assessment (PEA) for its Haib copper project in Namibia on Thursday, September 4, revealing an estimated initial investment of $1.559 billion. This funding is expected to support the development of a mine capable of producing 88,000 tons of copper per year over a 23-year lifespan.

The company projects that the investment could be recovered within 3.9 years of the mine beginning production. Based on a consensus copper price of $4.31 per pound, the project shows a post-tax internal rate of return (IRR) of 20.1% and a net present value (NPV) of $1.35 billion. No information on a development timeline or financing mechanisms was provided.

The PEA, a key step in optimizing the project Koryx acquired in 2024, is subject to revision. The initial cost and production targets may change in a definitive feasibility study (DFS) slated for completion in the second half of 2026. The DFS will incorporate new exploration results and ongoing metallurgical tests.

Meanwhile, Koryx Copper is advancing its efforts to secure a mining license from Namibian authorities, a crucial step for the project. Securing the license and raising initial capital will be essential before a final investment decision (FID) can be made. The company also noted that a partnership with a new investor is a possibility to help unlock Haib's potential.

Developing a new mine at the site could strengthen Namibia's position among African copper suppliers in a tight market. Global demand is expected to grow in the coming years, driven by the energy transition, but supply has struggled to keep up due to long development timelines. A report from the International Energy Agency (IEA) in May estimated that it takes an average of 17 years from the discovery of a deposit to the start of production.

Aurel Sèdjro Houenou