Staff Writer
Appian Capital Advisory has secured a 95% controlling stake in Omico Copper, the company behind the Omitiomire copper project in Namibia, following a buyout executed on 14 May.
The company plans to invest more than US$400 million, about N$7.3 billion, into the project, which is expected to produce 30 000 tonnes of copper annually.
The Omitiomire project is expected to operate for 15 years and holds total copper reserves estimated at 520,000 tonnes. The mining licence remains valid until 2036.
Appian described the acquisition as a major expansion of its mining presence in Namibia, where it already operates the Rosh Pinah Zinc mine.
The company has managed the Rosh Pinah operation since 2023 and said it has already built local operational experience and community engagement structures through the Craton Foundation Trust.
Following the acquisition, Appian outlined plans to further develop the Omitiomire project, located about 140 kilometres northeast of Windhoek.
The project is backed by a bankable feasibility study confirming a mineral resource base of about 123 million tonnes.
Appian said it has reviewed the project’s resource model and mine schedule to reduce upfront capital costs while maintaining operational and safety standards.
The company also plans to move from a conventional leach-based processing system to a flotation-based processing route, which is expected to improve copper recovery and operational efficiency.
Under the ownership structure, Appian holds a 95% stake in the project, while the Craton Foundation Trust retains 5%.
The company also confirmed that discussions with global off-take partners are already underway.
With global copper demand expected to rise through 2035, the Omitiomire project is expected to support supply chains linked to the global energy transition.
