Keras Resources has completed its acquisition of a 51% controlling interest in Cornerstone Mining in Namibia, establishing a London-listed copper development platform with a portfolio covering approximately 6,214 hectares in the Kaoko Copper Belt.
Following completion, the company will adopt the name Okopa plc, with the new identity taking effect. The transaction moves the acquisition from a conditional agreement to a completed ownership arrangement, giving Keras control of the Namibian business and its copper exploration assets.
Acquisition Terms and Additional Ownership Rights
The transaction includes approximately €0.90 million in cash consideration, alongside shares and potential milestone payments. Keras has also secured an option to increase its interest in Cornerstone from 51% to 70%. Under the development arrangement, Keras has agreed to provide up to approximately €1.79 million in exploration and development loans to the Namibian business. The funding represents a corporate commitment by Keras to support project advancement rather than external project finance.
No financing from the European Investment Bank, European Union, Global Gateway initiative or European banks has been announced. The company has also not disclosed a binding European copper offtake agreement.
Initial Focus on Near-Surface Copper Oxide
Keras plans to prioritise shallow copper oxide mineralisation that could support early production and cash generation, while continuing exploration for deeper sulphide targets. The development strategy is intended to limit initial capital requirements by focusing on near-surface mineralisation before committing to more extensive sulphide development. The potential for early revenue will depend on metallurgical performance, permitting and the viability of commercial production.
Exploration results and resource definition will be central to establishing the scale of the mineralised system and determining how the oxide and sulphide targets could contribute to the project’s development.
Namibia’s Role in Copper Supply Development
The Cornerstone portfolio is located in Namibia’s Kaoko Copper Belt, within a country that has an established mining sector, improving infrastructure and growing international interest in its critical-minerals potential. The acquisition also provides a route for a London-listed company to gain exposure to future African copper production. This is relevant to Europe, where copper demand is rising while domestic mine development remains slow and difficult.
The transaction does not establish a contracted supply route to European buyers. The European connection currently rests on London-listed ownership and access to capital markets rather than a disclosed offtake arrangement or dedicated European project financing.
Exploration and Permitting to Determine Development Progress
With the acquisition complete, the next stages include further exploration, resource definition and permitting, alongside evaluation of whether shallow copper oxide production can generate sufficient cash to support deeper development. The company’s ability to advance the project will depend on the results of this work and the establishment of a viable development pathway for the Namibian assets.
