Celsius eyes June cobalt exit
Celsius Resources Limited expects to sign a binding sale agreement for its Opuwo cobalt-copper project in Namibia before the end of June 2026, as the Australian-listed company moves to exit one of the country's largest undeveloped battery mineral projects.
The company said the sales process was well advanced following site visits and due diligence by interested parties.
"Following the completion of site visits and due diligence, Celsius has received multiple proposals and expects to execute a binding sales and purchase agreement prior to the end of June 2026," the company said.
The proposed transaction forms part of Celsius' broader strategic shift towards prioritising its copper-gold developments in the Philippines while monetising its Namibian assets.
Located in Namibia's Kunene Region near Opuwo, the project has long been regarded as one of the world's largest undeveloped cobalt deposits outside the Democratic Republic of Congo.
The project hosts cobalt and copper mineralisation within the Kaoko Belt and has attracted international interest amid rising global demand for battery minerals linked to electric vehicles, renewable energy systems and industrial electrification.
Cobalt is a critical component in lithium-ion battery manufacturing, though global supply chains have come under pressure from concentration risks in Congo, which dominates global cobalt production.
That has increased international interest in alternative mining jurisdictions such as Namibia, which is positioning itself as a supplier of critical minerals for the global energy transition.
Celsius has previously highlighted Opuwo's strategic advantages, including access to road infrastructure, regional power networks and long-term development potential.
The company has also reported metallurgical test work showing improved cobalt and copper recovery rates from processing studies at the project.
Technical studies have outlined the potential for a long-life mining operation producing cobalt and copper concentrates.
The project has also been viewed as important for economic development in north-western Namibia, where large-scale mining activity remains limited compared to the country's central and southern regions.
Development at Opuwo could support employment, contractor activity, transport services and infrastructure investment in the Kunene Region.
The sale comes during a difficult period for junior battery mineral companies globally, as weaker cobalt and lithium prices weigh on financing conditions and project development timelines.
Earlier this year, Celsius terminated its secondary listing on the Namibia Stock Exchange as part of a broader corporate restructuring linked to the sale.
