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Low cobalt prices compromise the evaluation of the Opuwo Project by Australian firm

Low cobalt prices compromise the evaluation of the Opuwo Project by Australian firm

Australian mining company, Celsius Resources this week in their quarter activity report for March, took the decision to significantly slow work on the evaluation of the Opuwo Project, until such time as the cobalt price improves markedly from current levels.

The Opuwo Project hosts a substantial cobalt resource located in an excellent jurisdiction for mining, and the company remains confident that the project continues to represent a key opportunity when the cobalt price improves and/or with successful optimisation of metallurgical recovery of the value metals from the mineralisation, the report released stated.

“One or both of these outcomes could significantly change the Board´s view about the Opuwo Project and, should they occur, the Board will reassess the status of the Opuwo Project and accelerate work programs in response,” the company said.

At the end of the quarter, the company held approximately $7.9 million in cash reserves with approximately $750,000 to be spent on the project in the forthcoming quarter.

“The majority of costs are associated with finalisation of in-progress mining, metallurgy and environmental studies, redundancies to staff, closing down of operations and community consultations regarding the altered time frame for the Project.,” the company added.

As detailed previously, Brendan Borg has stepped down from his role as Managing Director to a Non-executive role, while Pine van Wyk will continue as Project Director however following a 3 month handover / notice period he will fill this role on a consultant basis.

According to the report all director fees have been reduced to $4,000 per month to assist in the preservation of the company´s cash reserves.

“The company has commenced reviewing potential acquisitions and investments in commodities and jurisdictions which either complement or diversify the company’s current commodity exposure,” Celsius added.


 

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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.