Altona Rare Earths Signs Final Agreement for Sesana Copper Project in Botswana. Altona Rare Earths PLC, a UK-based exploration and development company, has announced the finalization of an agreement for its Sesana Copper Project in Botswana. This marks a significant milestone for the company as it seeks to solidify its presence in the resource-rich Kalahari Copper Belt.
The agreement, made with Ignate African Minerals (Pty) Ltd, enables Altona to acquire up to an 85% interest in prospecting licence PL2329/2023, covering a tenement strategically located just 25 km from the Khoemacau Copper-Silver Mine. Payments for the project, totaling $110,000 in cash and $250,000 in Altona shares, will be disbursed across three phases over four years. Each phase comes with expenditure commitments, ranging from geophysical surveys to resource estimation.
The Earn-In AgreementThe staged acquisition process includes:Phase 1: $50,000 in shares and $100,000 for geophysical studies, earning a 51% interest.Phase 2: $50,000 in cash, $100,000 in shares, and $400,000 for drilling, increasing ownership to 70%.Phase 3: $50,000 in cash, $100,000 in shares, and $1 million for resource estimation and conceptual studies, securing an 85% stake.
Should the resource exceed 20 million tonnes at 1% copper equivalent, Ignate’s shareholders will receive an additional $500,000 split between cash and shares.
The tenement lies along a key geological contact known for copper-silver mineralization, making it a prime location for exploration. Initial activities will focus on high-resolution geophysical surveys, followed by targeted drilling.
This development reinforces Botswana’s reputation as a key destination for mining investments. The Sesana project not only represents economic opportunities for Altona but also aligns with the country’s efforts to attract foreign investment and create jobs in the mining sector.
Cedric Simonet, CEO of Altona, expressed optimism: “This significant step allows us to move closer to unlocking the potential of the Sesana project. With environmental permitting underway, we are eager to commence exploration activities.”
