• Trigon signed a $24 million deal to sell its Kombat mine stake to Horizon
• Horizon’s shareholder approval is expected on June 11
• Kombat operations remain suspended due to underground mine issues

Canada’s Trigon Metals has agreed to sell its 80% stake in Namibia’s only industrial copper mine, Kombat, to UK-based Horizon Corporation for $24 million. The sale, announced on May 29, will be executed through eight scheduled payments. The agreement is pending approval by Horizon shareholders at a General Assembly set for June 11.

Trigon revived the Kombat mine in 2023 after over a decade of inactivity. The company focused on open-pit mining and reactivating the Asis West underground section. However, operations have been suspended since January 2025 due to issues in the underground mine.

While Trigon did not specify the reasons behind the divestment, it intends to use the proceeds to finance its exploration activities. These include copper exploration projects in the Kalahari copper belt and copper and silver assets in Silver Hill and Addana in Morocco.

Horizon Corporation has not yet disclosed its development plans for the Kombat mine. The remaining 20% ownership is evenly split between Namibian firm Havana Investments and state-owned Epangelo Mining.

Trigon initially received Horizon’s offer in December 2024, following months of market speculation. The Kombat mine remains a key national asset due to its status as Namibia’s only copper production site.