• Namibia approves Trigon’s $24M sale of Kombat Mine stake
• Horizon awaits TSX final nod to acquire historic copper asset
• Deal part of Namibia’s broader copper sector revival efforts

Namibia's Competition Commission has approved Trigon Metals' plan to sell its 80% stake in the Kombat Mine to the British company Horizon Corporation. The information, confirmed in a statement published on Thursday, September 18, marks a new step toward finalizing the $24 million transaction for one of the country's few industrial copper operations.

The initial offer, announced in December 2024, was formalized in a definitive share purchase agreement between the two parties in May 2025. The deal stipulates that the $24 million will be paid to Trigon in eight installments, subject to all necessary regulatory approvals. With the green light from Namibia, both companies are now awaiting "final approval from the TSX Venture Exchange," where Trigon is listed.

Closing the deal would allow Horizon to acquire a historic copper asset that has been in operation since 1962. After being idled for more than a decade, Kombat was restarted in 2023, only to suspend operations again this past January. According to Trigon's forecasts, the mine was expected to produce up to 6,100 tonnes of copper concentrate this year.

"We are pleased to have reached this important step and thank the Competition Commission for their timely approval. Horizon is committed to working alongside Trigon and all stakeholders to ensure a smooth project expansion phase and mine restart. We look forward to unlocking the mine’s long-term potential and ensuring sustainable operations for the benefit of all parties," said Richard Tayelor, a director at Horizon Corporation.

While still far from the output levels of the Democratic Republic of Congo or Zambia, Namibia's copper industry has seen a notable revival in recent years. In 2024, Consolidated Copper Corp restarted production at the Tschudi mine, an asset that delivered 80,000 tonnes of copper between 2015 and 2020. Separately, Koryx Copper is developing the Haib project, which is projected to eventually produce 88,000 tonnes annually over a 23-year lifespan.

Aurel Sèdjro Houenou