Celsius Resources (CLA.AX, CLA.L) has executed a binding share sale agreement with Chinalco, a subsidiary of Aluminum Corporation of China. The latter is acquiring the 95% stake in the Opuwo cobalt-copper project in Namibia from Celsius.
The project currently hosts a total resource of 225 million tonnes at 0.12% cobalt, 0.43% copper and 0.54% zinc for a total contained cobalt and copper resource of 259,000 tonnes and 970,000 tonnes respectively. Celsius will receive US$15M in cash (when the transaction closes) and will spend the proceeds on its portfolio of projects in the Philippines.
Disclosure: The author has no position in Celsius Resources. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
