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The case for Unicorn Mineral Resources taking a 75% stake in Q Global Copper Namibia is that historical surface tailings at the Klein Aub Copper Mine offer a faster, cheaper route to copper output than breaking new ground.
The risk is that in-house estimates put the bulk of that surface material at 0.24% copper, well below the 2% average grade the mine posted during prior operation.
Unicorn signed a share purchase agreement to acquire its stake in QGC Namibia, the entity holding exclusive prospecting licences EPL5851 and EPL7958 across 6,536 hectares inside the Kalahari Copperbelt.
Initial consideration totals $368,637 (R6 million), with R2 million due on completion, split between cash and Unicorn shares, and R4 million structured as deferred loan notes.
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