Description of Activities

Description: The Commission resolved to approve without conditions the acquisition of shares by Appian Omega Bidco Limited (“Appian Bidco”) in Craton Mining and Exploration (Pty) Ltd (“Craton”) from Omico Copper Limited (“Omico Copper”). Post-merger, Appian Bidco will establish direct control over Craton.

Acquiring group: The primary acquiring undertaking is Appian Bidco, a company incorporated in the United Kingdom. The acquiring group is private equity funds that solely invest in mining or mining-related companies, assets, and management teams. In Namibia, the acquiring group controls the Rosh Pinah Zinc Corporation (Proprietary) Limited ("RPZC") and the Rosh Pinah Solar Park Park (Pty) Ltd (“RPSP”).  RPZC owns and operates a lead and zinc mine located in Rosh Pinah, Karas Region, Namibia. RPSP owns a solar plant also in Rosh Pinah.

Target undertaking: The primary target undertaking, Craton, is a Namibian company that was established for the purposes of developing the Omitiomire Copper Project, situated approximately 140 km northeast of Windhoek, Namibia. The project is, however, not yet in production, and Craton does not have any market share in any markets.

Relevant market: Concluded that it is not necessary to definitively conclude on the relevant product and geographic market definition since there are no horizontal overlaps or vertical integration between merging parties’ activities. 

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.

Merger Determination No.3 of 2026___