• Koryx Copper raised about $33 million to advance technical studies and exploration at its Haib copper project in Namibia.
• A preliminary economic assessment estimated capital spending at $1.55 billion for a mine producing 88,000 tonnes per year over 23 years.
• The company aims to complete a definitive feasibility study in the second half of 2026 ahead of a final investment decision.

On January 20, Koryx Copper, a junior mining company listed on the Toronto Stock Exchange Venture market, said it raised 46 million Canadian dollars, or about $33 million, through a private placement launched earlier this month. The company said it will allocate the funds to its Haib copper project in Namibia, particularly for technical studies and continued exploration work at the site.

According to a preliminary economic assessment published in 2025, the Haib project could support a copper mine producing 88,000 tonnes per year over a 23-year mine life. Project development would require estimated capital spending of $1.55 billion.

Although the company did not specify which exploration or technical activities the new funding will cover, Koryx currently conducts a definitive feasibility study designed to update the project’s technical and economic parameters.

The definitive feasibility study represents a more advanced development stage than a preliminary economic assessment, as it incorporates mineable reserves and more reliable economic assumptions. Koryx plans to complete the study in the second half of 2026. This milestone would pave the way for broader financing efforts and ultimately support a final investment decision.

For Koryx, advancing Haib holds strategic importance amid expectations of a global copper supply deficit. The International Energy Agency forecast a potential 30% supply shortfall by 2035. Rising prices further strengthen the project’s appeal, with copper prices increasing by more than 30% in 2025, according to Trading Economics.

From Namibia’s perspective, the project would strengthen the country’s position among Africa’s copper-producing nations.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum