Karibib Lithium Project
Auroch Minerals Limited has secured highly prospective lithium acreage in Namibia. This acreage forms the Karibib Lithium Project.
The Karibib Lithium Project is situated in the same region as Namibia’s two historic lithium producing mines, Helikon and Rubikon.
The company has five existing Exclusive Prospecting Licenses (EPLs) in the region and recently announced an Option and JV agreement to earn up to 90% of granted EPL 5751, which lies South West of Helikon and Rubikon.
Auroch Minerals recently applied five EPLs in the Erongo region of Namibia which expands the potential for AOU to identify a commercial lithium resource.
The EPLs are distinguished by the presence of significant historic lithium production within the geological terrain and include untested pegmatites with strongly fractionated geochemistry indicative of potential lithium tantalum mineralisation.
Over 90% of Namibia’s previous lithium production has been sourced from these EPLs.
The EPLs in the Karibib area of Namibia occur in the same geological terrain that hosts the Rubikon and the Helikon mines, Namibia’s two historical lithium producing mines.
That certainly puts AOU’s current $10M market cap into perspective…
The Karibib area has seen little modern exploration and almost no drilling of the many lithium known occurrences.
AOU is therefore very much an early mover in the region, bringing significant expertise and the modern technology that can hopefully unlock a significant lithium resource.
Population 2.5 million
Namibia recorded GDP of 11.5 B USD in 2015
Free and open Democracy
Presidential style of Government
Namibia is a popular film shooting location for its spectacular Desert scenery Mad Max – Fury Road is a recent example
Mining In Namibia
Key industries are agriculture, fishing, mining and tourism. However mining is the biggest contributor to Namibia’s economy in terms of revenue. It accounts for 25% of the country’s income
The royalty schedule that applies to mining is 3% royalty on the market value of base, precious, and rare metals and nonnuclear mineral fuels. A 2% royalty levied on industrial minerals and nuclear mineral fuels. Combined with a corporate tax rate of 37.5% for non-diamond mining makes Namibia an excellent country in which to invest. Namibia was recently ranked as the most attractive African investment jurisdiction in the Fraser Institute Mining Company Survey
The larger mining operations in Namibia tended to be funded and operated by domestic and international investors. Numerous local operations were involved in smaller-scale industrial mineral production, especially the semiprecious gemstone sector.
Mining provided for over 14,000 jobs in 2011. The artisans for the industry are educated in the Namibian Institute of Mining and Technology (NIMT) in Arandis, Keetmanshoop, and Tsumeb, as well as at University of Namibia (UNAM)’s Faculty of Engineering and Infomation Technology in Ongwediva. Namibia University of Science and Technology (NUST)’s Faculty of Engineering in Windhoek also provides mining education.
- Lead and Zinc
- Semi precious gemstones & minerals
- Husab Uranium Mine
- Langer Heinrich Uranium Mine
- Rössing uranium mine
- Skorpion Zink mine
- Navachab Gold Mine (b2Gold)
- Dundee Precious (Tsumeb Copper Mine)
The long tradition of mining in Namibia has been renewed with the reopening of the Tsumeb-area copper mines and smelter, the opening of the Skorpion zinc project, the expansion of the fluorspar and the gold mines, and continued offshore diamond development of the past few years. Extensive exploration in Namibia for base metals, diamond, gold, natural gas, and uranium has been attributed, in part, to the rise in world commodity prices. Potentially new mine development and new value-added gemstone cutting and polishing, metal-processing, and other mineral-based manufacturing industries could maintain the mineral sector’s position as a significant segment of the economy of Namibia for the foreseeable future.