Trigon sweetens Kombat Mine deal, more jobs eyed

Trigon Metals has revised its deal to sell 80% of its Namibian Kombat Mine to Horizon Corporation, a locally backed entity. The revised agreement maintains the strategic benefits for Trigon shareholders while adjusting the financial structure of the deal.

Key changes to the proposed transaction include a reduced loan amount from Horizon to Trigon, now US$4 million, structured in five tranches, down from the initial US$5 million. Horizon will also participate in Trigon’s private placement offering with a US$500 000 investment.

Local businessman and Trigon Metals’ minority partner Knowledge Katti said the deal highlights the importance of Kombat Mine in advancing Namibia’s development agenda.

“I welcome this revised deal between Trigon Metals and Horizon, which reaffirms the Kombat Mine’s critical role in advancing our nation’s economic development. This transaction aligns with our strategic priorities as Namibian partners to attract responsible investment, create skilled jobs and foster sustainable growth in the mining sector,” Katti said.

“We are particularly encouraged by the commitment to community engagement and local employment, which will empower Namibians and ensure the benefits of this project are shared broadly,” he added.

Driving progress

According to Katti, the deal reached between Trigon Metals and the government through its mining entity, Epangelo Mining, further serves as a model for how the public sector and private sector could derive mutual benefit.

“Epangelo Mining Company, a government entity, represents the communities of Kombat and we believe this is a model for how public-private partnerships can drive progress for our people and our economy. We are planning to employ approximately 1 200 when we reopen the mine before year-end. This deal is not just a win for the mine and its investors – it's a transformative moment for Kombat and the communities surrounding the Kombat Mine,” Katti said.

Further details pertain to the purchase price for the Kombat Mine, which has been adjusted to US$24 million, payable in eight equal quarterly instalments, from the original US$30 million.