AUS
NZ
UK
CA
USA
IND
Highlights
- Altona (REE) signs final agreement for Sesana copper project in Botswana’s Kalahari Copper Belt.
- Agreement allows Altona to acquire up to an 85% interest in the project with staged payments and commitments.
- Company continues to expand its critical raw materials portfolio across Africa.
Altona Rare Earths Plc (LON:REE), a resource exploration and development company focused on critical raw materials, has finalized its agreement with Ignate African Minerals (Pty) Ltd regarding the Sesana copper project. The project, located in Botswana’s Kalahari Copper Belt, represents a significant milestone in Altona’s strategic expansion within the LON mining stocks sector.
This agreement follows Altona's prior announcements, including the exercise of its option in July 2024 and the binding option agreement signed in April 2024. Under the terms of the final agreement, Altona will acquire up to 85% of the prospecting licence PL2329/2023 through a series of payments totaling USD 110,000 in cash and USD 250,000 in new Altona shares. These payments will be spread across four years and will be accompanied by phased exploration and expenditure commitments. The agreement also hinges on transferring the Tenement to Sesana Copper (Pty) Ltd, a Botswana-based entity owned 51% by Altona and 49% by Ignate’s shareholders.
Strategic Focus on African Resources
Altona is building a diversified portfolio of projects across Africa, focusing on critical raw materials essential for industrial and technological applications. In addition to the Sesana copper project, Altona holds other significant assets, including the Monte Muambe rare earths and fluorspar project in Mozambique.
Monte Muambe, acquired in 2021, has undergone extensive exploration, including over 7,800 meters of drilling. The project has a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO. It has progressed to the Prefeasibility Study stage, with metallurgical testing underway to refine extraction processes for rare earth elements.
Broader Portfolio Expansion
As part of its growth strategy, Altona is acquiring critical raw material projects to complement its flagship Monte Muambe asset. The acquisition of the Sesana copper-silver project in Botswana, located 25 kilometers from MMG’s Khoemacau Zone 5 copper-silver mine, marks a significant step in this direction. Additionally, Altona recently acquired the Kabompo South copper project in Zambia, reinforcing its commitment to diversifying its project portfolio.
Through these efforts, Altona aims to strengthen its position in the LON industrials stocks sector while focusing on delivering long-term value from Africa’s resource-rich regions.
