Description of Activities

Description of transaction: The proposed transaction involves the acquisition by Chinalco (Xiong’an) Mining Co., Ltd. (“Chinalco Mining”) of the majority of the issued share capital of Opuwo Cobalt Holdings Proprietary Limited (“Opuwo Cobalt”). Upon completion of the proposed transaction, Chinalco Mining will control Opuwo Cobalt. 

Acquiring group: The primary acquiring undertaking is Chinalco Mining, a limited company incorporated and registered in China and controlled by Aluminum Corporation of China, which is a state-owned enterprise primarily operating in the smelting and processing of non-ferrous metals and related products; the exploration and development of mineral resources; the operation of mineral products; and engineering and technical services. Neither the primary acquiring undertaking nor the broader acquiring group provides any products or services to any undertaking in Namibia. 

Target undertaking: The primary target undertaking is Opuwo Cobalt, a Namibian registered company, which operates as the holding company to its subsidiary, the latter of which is engaged in mining, exploration, and related business. Opuwo Cobalt owns and controls an advanced greenfield cobalt and copper asset (holding cobalt-copper exploration rights) located in the Kunene Region of north-western Namibia (referred to as the Opuwo Project).

Opuwo Cobalt, through its wholly owned subsidiary Opuwo Cobalt Mining Proprietary Limited (“Opuwo Mining”), owns and controls the Opuwo Project and therefore holds the ultimate title to prospecting licence EPL 4346 (“EPL”), which hosts the entire mineral resource at the Opuwo Project. 

To date, the activities of the target group in Namibia have consisted of exploration drilling, sample analysis, metallurgical test work on recovered ore samples, and preliminary feasibility study work in respect of the Opuwo Project. 

Relevant market: The relevant market is the market for the exploration of minerals in Namibia. 

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