Description of Activities

Description: The Commission resolved to approve without conditions the acquisition by Kamino Minerals Limited of all the issued and outstanding share capital in PNT Financeco Corporation and Trigon Ontario from Trigon Metals Incorporated. 

Acquiring group: The primary acquiring undertaking is Kamino Minerals Limited. Kamino is ultimately controlled by Horizon Corporation Limited. Horizon is active in the acquisition, development, and operation of mining projects targeting a diversified portfolio of strategic metals, including cobalt, copper, gold, silver, and mixed ore. Its activities are investment-led but operational in nature and span the upstream value chain from resource extraction through to processing. At present, the acquiring group does not have any business activities in Namibia.

Target undertakings: The primary target undertakings are PNT Financeco Corporation and Trigon Ontario. Trigon Ontario currently has no business activities in Namibia (or elsewhere).PNT controls Kombat Holdings Namibia (Pty) Ltd (“Kombat Namibia”); in turn, Kombat Namibia controls the Kombat project, which includes the Kombat mine. The Kombat mine is a copper mine situated in the Otavi Mountain lands of Namibia, and it produces copper concentrates.

Relevant market: Defined as the market for the production and sale of copper concentrate and defines the relevant geographical market as international.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.