馃嚦馃嚘NamibiaSouthern Africa
Kazera Global reaches N$173 million settlement with Chinese firm Hebei Xinjian Construction for Tantalite Valley Mine
via The Namibian2 min read
Australian-listed Kazera Global has finalized a N$173 million settlement agreement with Chinese firm Hebei Xinjian Construction regarding the sale of the Tantalite Valley Mine. The mine, located in the ||Kharas East constituency, was initially agreed to be sold to Hebei Xinjian Construction in 2022, but the Chinese firm defaulted on payments. Following arbitration proceedings, Kazera Global announced the agreement, which will see Hebei pay N$173 million over three years, commencing with an initial payment of N$8.2 million. Kazera interim chief executive Richard Jennings stated that this agreement provides a clear path to value recovery and offers enhanced certainty compared to alternative recovery routes. If completed, the total cash receipts will be approximately US$14.6 million, exceeding the original US$13 million consideration from the 2022 sale agreement. Although Kazera was awarded N$196 million in arbitration in May 2025, the company opted for a settlement due to difficulties in recovering the full amount. The mining license remains active, but operations have been paused during the sale and arbitration. Ownership of the mine will transfer to Hebei only after the full payment is received. Tantalite, a key component for smartphones, laptops, and aerospace, is extracted from the mine. Hebei Xinjian Construction had also previously signed a deal with Arcadia Mineral for a plant at the nearby Swanson project, which was cancelled in 2025 due to Hebei's failure to deliver eq
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This summary was AI-generated from a story originally published by The Namibian.
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