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Omico Mining appoints new CEO

Omico Mining, the Namibian copper exploration and development company, has announced the appointment of Ingo Hofmaier as Chief Executive Officer (CEO).

Hofmaier is well-regarded in the natural resources industry with over 20 years’ general management, corporate finance and investment banking experience across Africa, Asia, and South America. He has significant experience in executing projects and managing complex joint-ventures, equity investments, as well as M&A and corporate finance transactions across multiple jurisdictions.

Most recently he was CFO at SolGold plc, a London-listed copper-gold developer, where he spent three years. Before joining SolGold, Hofmaier was a Partner and Head of Mining at merchant bank Hannam & Partners, where he was instrumental in building the mining investment banking practice over a period of seven years. Hofmaier joined Hannam & Partners from Rio Tinto in London, where he was a member of the central business development and strategy team.

Managerial experience

Hofmaier also has project execution and managerial experience, having spent five years as the Managing Director responsible for the successful Indian market entry of Wienerberger AG, a building material and industrial minerals group with around 19,000 employees globally.

“I am pleased to be joining this Company and taking the lead at such an important time for the Omitiomire Copper Project. Given the strong base of work already completed, including an updated mineral resource utilising 95,000m of resource drilling and significant metallurgical test work, we are in an excellent position to accelerate the development in a world in short supply of achievable copper developments.

Namibia is a reliable investment destination with a well-developed workforce and a long and successful history of mining. We are confident that during the remainder of the year we will achieve our aims to commence required in-fill drilling; kick-off the bankable feasibility study, with the aim of completing it within 12 months; progress the ESIA, and hold key stakeholder meetings.

In parallel to these activities, we will be progressing all other workstreams to ensure construction readiness and build a lean and competent organisation. I look forward to introducing this re-engineered and de-risked copper cathode project to the market in the coming months.” Omico is a joint venture between Greenstone Resources LP, a private equity fund specialising in the mining and metals sector and International Base Metals Limited, an Australian natural resources public company. The joint venture is managed by Greenstone Resources LP.

Omico through its Namibian subsidiary, Craton Mining and Exploration (Pty) Ltd, holds Mining Licence ML197 and Exclusive Prospecting Licence EPL8550, together a 30,000Ha licence area which makes up the Omitiomire Copper Project. The mining licence is valid until March 2036.

The Omitiomire Project has the potential to be a long life, low capital-intensive project, with an unconstrained CIM Measured and Indicated resource of 95.8 million tonnes at 0.59% Total Copper for 563,300t contained copper (0.25% Cu cut-off grade).

The development base case anticipates the production of 30,000 tonnes per annum of LME Grade A copper cathode for at least 15 years, targeting only open-pit mineralisation. The project capital expenditure is estimated to be circa. USD250 million, supporting a competitive capital intensity of <$9,000/t.

The company has recently completed a Technical Report using inputs from mainly Namibian-based mining and engineering consultants to de-risk the project. Using solvent-extraction and electro-winning (SX/EW) technology, combined with optimised hybrid solar PV and grid power, the project will produce copper cathode, a low emission and environmentally friendly copper product, not requiring any further smelting or tailings storage facilities.

The Omitiomire Copper Project area is located 120km East from Windhoek in central Namibia and is outside of any national parks, heritage-listed areas, groundwater-controlled area or Namibian areas of significance. The Environmental and Social Impact Assessment methodology applied to the permitting process follows Namibian law, international and national best practice and has been developed using International Finance Corporation (IFC) standards and models.

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