Celsius Resources to sell Opuwo Project for US$15M
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- Celsius Resources has entered a binding agreement to divest its 95% stake in the Namibian Opuwo Cobalt-Copper Project.
- The transaction will provide US$15 million in cash while disposing of an asset that lost $37,157 last financial year.
- The company intends to utilise the net proceeds to advance its flagship copper-gold portfolio in the Philippines.
Celsius Resources (ASX:CLA) has executed a binding agreement to sell its 95% interest in the Opuwo Cobalt-Copper Project for US$15 million.
The project recorded an operational loss of approximately $37,157 for the year ended 30 June 2025.
The transaction transfers ownership of an intercompany loan and the project stake via a wholly owned subsidiary.
The company stated that the divestment is subject to shareholder approval and regulatory licence renewals in Namibia.
Following the announcement, the Celsius share price was unchanged at $0.01.
The company stated that proceeds will fund its MCB Copper-Gold Project after resolving an arbitration dispute.
The asset holds an estimated 225.5 million tonnes of cobalt-copper resources.
