Select Page

Tanga Resources inks 80% earn-in agreement with Epangelo

Tanga Resources inks 80% earn-in agreement with Epangelo

Australian mining exploration company, Tanga Resources, this week announced the signing of a binding agreement with state-owned Epangelo Mining, to earn an initial equity interest of 80% in a portfolio of exploration Licences located in Namibia.

The licences are located on the Damara Orogenic Belt in central north, immediately south of the Tanga’s Hagenhof Copper-Cobalt Project and significantly expands the company’s total regional land position to over 1 700km2.

According to the company, key terms included in the agreement are that upon Tanga earning the initial 51% interest, Tanga shall issue 5,000,000 new shares and make a milestone payment of A$100,000 to Epangelo, however, Tanga may withdraw from the agreement at any time after it has incurred the initial A$100,000 of expenditure.

The terms further state that in the event that Tanga withdraws or fails to make a required payment following its acquisition of the 51% interest, interest will be transferred back to Epangelo for a nominal cost.

“This agreement provides a significant opportunity for both Tanga and Epangelo, to the benefit of all shareholders and stakeholders. By working together, we are maximising the synergies and technical expertise of both companies to drive exploration, whilst demonstrating a shared commitment to continued investment within the Namibian resources sector,” Eliphas Hawala, CEO of Epangelo Mining said.

A statement released by Tanga stated that the licences have had very little modern exploration however, regional aeromagnetic data shows a major north-south trending structure running through one of the Licences, EPL 4833, and continuing up into Hagenhof.

“We are pleased to announce this agreement with our partner Epangelo, which has enabled Tanga to secure a significant regional land position, on the Damara Orogenic Belt, along strike from our 100% owned Hagenhof Project. This is a key strategic step for Tanga and aligns with our strategy for Namibia. Our exploration program that is currently underway, will now be expanded to include these new Licences and we look forward to keeping the market informed on further progress,” Matthew Bowles, Tanga Resources CEO said.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.