Midas Minerals has announced the completion of its acquisition of the Otavi Copper Project in Namibia. The company had previously expressed its intention to acquire the project from base metals producer Nexa Resources in May 2025.

Key conditions for the acquisition have been met, including the transfer of the mining license completed in August this year and approval received from the Namibian Competition Commission in October. The Otavi project comprises ten exclusive prospecting licenses covering a total area of 1,776 square kilometers, located near the town of Otavi, approximately 360 kilometers northeast of Windhoek, the capital of Namibia.

The area hosts two significant deposits, T13 and Deblin, with resource quantities awaiting further definition, alongside several under-explored target areas. To date, modern exploration work has only covered approximately 36% of the licensed area. The company stated that drilling activities at the Otavi project have now commenced.