Celsius Resources Ltd. expects to sign a binding sale agreement for its Opuwo cobalt-copper project in Namibia before the end of June 2026 as the Australian-listed company advances efforts to exit one of the country’s largest undeveloped battery mineral projects.
The company said the sales process for the Opuwo project is “well progressed” following the completion of site visits and due diligence by interested parties.
“Following the completion of site visits and due diligence, Celsius has received multiple proposals and expects to execute a binding sales and purchase agreement prior to the end of June 2026,” the company said.
The proposed transaction forms part of Celsius’ broader strategic shift toward prioritising its copper-gold developments in the Philippines while monetising its Namibian asset portfolio.
Located in Namibia’s Kunene Region near Opuwo, the project has long been regarded as one of the world’s largest undeveloped cobalt deposits outside the Democratic Republic of Congo.
The project hosts significant cobalt and copper mineralisation within the Kaoko Belt. It has attracted international interest due to rising global demand for battery minerals linked to electric vehicles, renewable energy systems, and industrial electrification.
Cobalt remains a critical component in lithium-ion battery manufacturing, though global supply chains have come under increasing pressure due to concentration risks in Congo, which dominates global cobalt production.
That has increased international interest in alternative mining jurisdictions such as Namibia, which is positioning itself as a future supplier of critical minerals needed for the global energy transition.
Celsius has previously highlighted Opuwo’s strategic advantages, including access to road infrastructure, regional power networks and long-term development potential.
The company has also reported encouraging metallurgical test work showing improved cobalt and copper recovery rates from processing studies conducted at the project.
Historical technical studies have outlined the potential for a long-life mining operation capable of producing cobalt and copper concentrates over an extended mine life.
Beyond the mineral resource itself, the project has also been viewed as potentially important for economic development in northwestern Namibia, where large-scale mining activity remains relatively limited compared to the country’s central and southern mining regions.
Future development at Opuwo could support employment creation, contractor activity, transport services, and infrastructure investment in the Kunene Region.
The sale process occurs during a difficult period for junior battery mineral companies globally, as weaker cobalt and lithium prices continue to place pressure on financing conditions and project development timelines.
Earlier this year, Celsius also terminated its secondary listing on the Namibia Securities Exchange as part of broader corporate restructuring efforts tied to the project sale strategy.
