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Eyes on Kalahari Copper Belt: Altona Rare Earths clinches option deal for Sesana project
London-listed Altona Rare Earths has secured a foothold in the coveted Kalahari Copper Belt (KCB) after inking a binding option agreement with Ignate African Mining. The deal grants Altona the exclusive right to acquire up to an 85% stake in the Sesana copper-silver project, located in Botswana.
“This option deal presents a compelling opportunity for Altona to leverage our expertise in exploration and development within a world-class copper province,” enthused David Pearce, CEO of Altona Rare Earths. “The Sesana project holds significant potential, and its proximity to established operations strengthens our belief in its prospectivity.”
Sesana sits strategically within the KCB, a geological trend renowned for its extensive copper-silver deposits. The project itself spans roughly 274 square kilometers and boasts a prospecting license valid until March 31, 2026.
Phased Approach to Unlock Potential
The agreement outlines a staged approach for Altona to earn its stake in Sesana. To secure the initial option, Altona will disburse a sum of $10,000 in cash along with $50,000 worth of new ordinary shares to Ignate. Subsequent phases will see Altona fulfill exploration expenditure commitments spread over four years, with the total consideration reaching $110,000 in cash and $250,000 in shares upon full acquisition of the 85% stake.
“We are delighted to partner with Altona in unlocking the potential of Sesana,” remarked Nick Fourie, Director of Ignate African Mining. “Altona’s proven track record and technical capabilities make them the ideal partner to advance this project through exploration and towards potential resource definition.”
Strategic Investment for Altona
Altona’s foray into the KCB underscores the company’s strategic shift towards diversifying its portfolio beyond rare earths. Copper is a critical metal for renewable energy technologies and enjoys strong demand due to its role in electrification. The Sesana project, with its promising location and technical characteristics, aligns well with this strategy.
“Acquiring a significant interest in Sesana would provide Altona with exposure to a world-class copper district while we continue to develop our rare earths projects,” Pearce concluded. “This option deal allows us to evaluate the project thoroughly while minimizing upfront costs.”
Analysts suggest that the option deal offers a win-win scenario for both parties. Altona gains access to a promising copper-silver asset with exploration upside, while Ignate benefits from the technical expertise and financial backing of a well-established mining company. With exploration activities set to ramp up in the coming months, the KCB is poised to see renewed interest, and Altona is firmly positioned to be a key player in this exciting copper exploration story.
