- 01MOU gives Willetech 51% of Kameelburg; Aldoro/local holders retain 49%.
- 02$429m staged funding proposed; $21.5m awaits ODI approval.
- 03Willetech intends to pursue a Hong Kong listing.
Aldoro Resources (ASX: ARN) has signed a memorandum of understanding (MOU) with Singapore-based Willetech International Investment setting the commercial framework for advancing the Kameelburg critical minerals project in Namibia by reshaping the capital structure and development pathway.
The agreement introduces a strategic partner with access to networks from which Aldoro can source development capital, materials technology and, downstream industry capabilities, transitioning Kameelburg from being progressed solely with Aldoro’s own capital into a new phase in which industrial partners assume large-scale investment to jointly advance development, construction, market entry, and capital markets value realisation.
Under the terms, Willetech will acquire a 51% interest in an approximately six square kilometres of the project by subscribing for shares in new project company Kameelburg Exploration Mining, with Aldoro and Namibian local shareholders retaining a 49% interest free-carried to achievement of first production.
On completion, Willetech will become the controlling shareholder of the project company, leading development, construction, and financing activities while Aldoro will retain a significant economic interest in the project and board representation.
Willetech has stated its intention to pursue a listing of Kameelburg Exploration Mining on the Hong Kong Stock Exchange, subject to project development progress, regulatory requirements and market conditions.
Staged Development Funding
Willetech will provide at least $429.1 million in staged payments to advance Kameelburg through development and construction to commercial production, including funding and technical, engineering, market, and industrial resources agreed by the parties.
The investment is a non-binding commitment under the MOU and will be deployed in stages against milestones to be set out in definitive agreements.
Willetech has a binding commitment to make $21.5m of initial funding available in a designated supervised account in China, to be remitted to the project company following receipt of outbound direct investment (ODI) approval.
The project company will be eligible to request reasonable pre-development expenditure for up to an additional $42.9m, subject to Willetech’s review and approval.
Aldoro has invested approximately $10m in historical exploration and project expenditure at Kameelburg, which will be reimbursed following receipt of ODI approval.
Magnet Market Exposure
The Kameelburg project hosts large-scale neodymium-praseodymium and strontium resources, providing Aldoro with potential exposure to the high-performance neodymium-iron-boron permanent magnet market, as well as the large-volume ferrite permanent magnet market based on strontium ferrite.
A mineral resource estimate announced in August totalled 804.5 million tonnes grading 2.9% total rare earth oxides (TREO) equivalent (1.17% TREO, 0.19% niobium pentoxide, 191 parts per million molybdenum, 0.17% neodymium-praseodymium, and 3.54% strontoum carbonate), including 1.37Mt of neodymium-praseodymium oxides.
Aldoro aims to develop Kameelburg as an integrated critical minerals resource platform spanning rare earths, strontium, niobium, and related commodities.
The company intends to utilise the project’s strong local infrastructure, including proximity to road, rail, and high-voltage transmission networks and access to global markets through the deepwater Port of Walvis Bay.
Willetech’s global industrial platform spanning Germany, Singapore, and China is expected to offer Kameelburg exposure to a vertically integrated project development ecosystem.
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