Celsius Resources has satisfied several conditions for the proposed €13.4 million sale of its Opuwo cobalt-copper project in Namibia to China’s Chinalco, although regulatory approvals are still required before the transaction can be completed.
The agreement covers Celsius’s 95% interest in Opuwo and an associated intercompany loan. Shareholders have approved the transaction, the minority shareholder has waived its pre-emptive rights, and the project’s environmental clearance and exploration licence have been renewed. These developments remove several conditions attached to the acquisition, but the transaction remains conditional. The approximately €13.4 million consideration has not yet been received by Celsius.
Regulatory clearances remain outstanding
Completion requires further approvals in Namibia and China, including clearance from Namibia’s competition authorities and central bank.
Until those authorisations are secured and the transaction closes, Chinalco has not acquired control of Opuwo. The proposed sale therefore remains a pending corporate transaction rather than a completed transfer of the mineral asset.
For Celsius, completion would allow the company to direct more capital and management resources towards its copper-gold portfolio in the Philippines. For Chinalco, the acquisition would expand its exposure to Namibia, where Opuwo contains cobalt and copper, metals used in electrification and advanced manufacturing.
Opuwo adds to competition for African critical minerals
Cobalt is used in several battery chemistries, aerospace alloys and industrial applications, while copper demand is supported by electricity-grid expansion, renewable energy and data-centre construction.
The proposed acquisition comes amid competition among China, Europe, the United States and other industrial economies for ownership stakes in future mineral production. Control of a mining project can influence its financing, processing arrangements, marketing strategy and the eventual destination of its output.
If the transaction is completed, Chinalco would gain control of Opuwo before commercial development begins, potentially creating opportunities to integrate future production into a broader Chinese mining, processing or trading network.
Project development remains separate from the acquisition
The proposed sale does not include an announced final development plan, a new processing plant or a binding production schedule. No European offtake agreement has been identified as being displaced by the transaction. The immediate milestone is regulatory approval and completion of the ownership transfer. Celsius has not yet received the sale proceeds, and Opuwo has not moved into a new phase of mine construction as a result of the transaction update.
The deal also illustrates differing approaches to securing critical-mineral supplies. European policy increasingly seeks access to African resources through partnerships, strategic-project designations and development finance, while Chinese industrial groups also pursue direct ownership and project-level investment. If the outstanding approvals are obtained and the consideration is paid, Opuwo would move from Celsius’s portfolio into that of Chinalco, one of China’s largest state-linked metals groups.
