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[QUOTE="Munyaradzi Mafaro, post: 40173, member: 636"]
Canadian company Trigon Metals finished selling Kombat copper mine on May 27 for 428.7 million Namibian dollars. The deal cost buyers 24 million US dollars and transferred 80 percent ownership to Horizon Corporation and Kamino Minerals. Trigon received all cash from the buyers during the transaction. Horizon Corporation becomes the new majority owner of the mining operation. Kamino Minerals serves as an affiliate company that helped complete the purchase.

Knowledge Katti from Trigon Namibia praised the sale and supports Horizon as the new mine investor. He believes the change will create employment opportunities for local community members. Mining operations should restart and boost living conditions for families near Kombat. Children and adults around the area need economic opportunities that the reopened mine can provide. Horizon brings proven mining experience that positions them to succeed with the project.

Trigon executive Jed Richardson explained the payment structure to company shareholders. Buyers will pay 2 million dollars upfront after shareholder approval votes pass. Quarterly payments of 3 million dollars start after nine months from the closing date. Richardson said a 4 million dollar outstanding loan gets forgiven as part of the agreement. The money helps Trigon fund future projects at Silver Hill and other copper locations.
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