Rajasooriar to lead Noronex Namibian copper charge | Australian Markets

ASX listed Noronex Limited has picked up skilled mining industry participant Victor Rajasooriar as its new managing director and chief govt officer in a transfer set to realise its ambitions throughout the coveted Kalahari Copper Belt in southern Africa.

Rajasooriar, a mining engineer with over 25 years of world expertise, formally takes the helm subsequent week and brings with him a resume tailored for rising useful resource performs. It contains numerous senior positions at industry giants Newmont Mining and Gold Fields Ltd.

Rajasooriar is no stranger to the junior mining recreation both, having carved out a repute with stints at Breakaway Resources, Panoramic Resources and Siren Gold.

Although his hands-on expertise stretches from early-stage explorers all the best way to producers, a key chapter of his profession was spent at mining contractor Barminco between 2014 and 2018. There, as Chief Operating Officer, he ran the company’s contract mining operations throughout Australia and Africa, together with the Zone 5 copper mine in Botswana.

However, it was at Echo Resources the place Rajasooriar turned a few heads. Taking charge of the then-$43 million junior, he propelling it into the highlight with a speedy rise that noticed its worth skyrocket. In much less than a 12 months, Echo’s market cap had touched $243 million and the company was finally snapped up by Northern Star in a takeover.

Rajasooriar has additionally contributed some pores and skin within the recreation to his Noronex appointment with a $100,000 dedication to 7.1 million new shares at 1.4 cents every, subject to shareholder approval.

The mining veteran landed his new job after present director James Thompson determined to step down from all managerial and directorship roles with the company following six years of involvement.

Thompson based Noronex privately in 2018, helped assemble the company’s unique copper asset base and crafted the acquisition strategy for the Kalahari Copper Belt. He intends to stay a shareholder.

Victor’s sturdy background as a assets govt contains huge expertise in establishing and implementing growth methods. His familiarity with a quantity of key board and management personnel at Noronex and his expertise throughout quite a few operational, three way partnership and M & A eventualities means he’s ideally certified to add worth to the Company at a important time.

Rajasooriar has joined at an thrilling time for Noronex because it appears to unlock the potential of its in depth copper portfolio in Namibia together with a 10Mt useful resource grading 1.3 per cent copper on the company’s Witvlei project.

In whole, Noronex’s exploration package deal spans a huge 10,000 sq. kilometres of the Kalahari Copper Belt. The extremely potential area can be home to Chinese-backed MMG’s huge 7 million tonne Cupric copper mine and Sandfire Resources’ Motheo mine with 700,000 tonnes of contained copper.

About 130 kilometres northeast of Witvlei, Noronex has its foot on two additional tasks referred to as Humpback and Damara. Drilling is underway on the early-stage Damara grounds to check the margins of mineralisation, nonetheless, the true pleasure is presently on the Fiesta prospect within its Humpback leases.

Stretching throughout 4.5 kilometres, reverse circulation drilling at Fiesta has unearthed a number of copper equal hits from 80m downhole together with 45m grading 1.0per cent, 30m operating at 1.1 per cent and 16m at 1.3 per cent. The outcomes have been enough to persuade mega base metallic miner, South 32 to be a part of the get together.

Last 12 months, the 2 signed an earn-in settlement and strategic alliance to fund and speed up ongoing exploration at Humpback and Damara. The deal, which gives Noronex with sturdy technical and strategic help additionally permits for South 32 to earn up to 60 p.c of the project areas by spending $15 million in exploration over 5 years.

With drilling information overlaying more than 180,000m, strategic partnerships in place and recent management now locked in, Noronex is gearing up for what might be a transformational chapter simply as world copper demand surges and costs toy with new highs over US$10,200 (A$16,000) a tonne.

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