Kavango Resources plc said it had received an independent valuation of US$8 million for its rare earth element (REE) Ditau Camp and Kalahari Copper Belt (KCB) joint venture in Botswana.
VALUATION
The 50-50 JV, under Kanye Resources plc, is between Power Metal Resources plc and operator Kavango which intends to regain 100% control of the project.
Afrasia Mining and Energy Investment Holdings Ltd (Afrasia) conducted the valuation of the mineral exploration assets of Kanye.
Kanye owns 100% working interests in 10 prospecting licences in the Kalahari Copper Belt (KCB) covering 4,257km2 and two prospecting licences in Ditau Camp over 1,386km2.
The valuation, dated 1 May 2022, excludes any subsequent work in the KCB or Ditau as well as Kavango’s Kalahari Suture Zone and the LVR earn-in licences.
MOMENTUM
“Afrasia has undertaken a detailed piece of work, which shows an established preferred valuation for Kanye of $8m,” said chief executive Ben Turney.
“This not only underlines the inherent value in our portfolio of our asset base versus the current market capitalisation of the company, but also highlights yet again the huge prospectivity of our licence area.
“If we can build on the momentum we have gathered across both projects and deliver success in the field, Kavango’s 100% ownership could prove to be a game-changer for the company.”