Kazera, Hebei reach settlement in Namibia tantalum arbitration matter
Kazera Global has settled with Hebei Xinjian Construction regarding a Namibia tantalum arbitration, securing a $10.5-million payment.Summary
Aim-listed Kazera Global has executed a definitive settlement agreement with Hebei Xinjian Construction to resolve an arbitration award concerning its former Namibian business, African Tantalum (Aftan). Under the terms, Hebei will make an initial $500,000 cash payment, followed by a structured $10.5-million payment ending in December 2029, which includes enhanced downside protections and an option for accelerated settlement. Hebei will also withdraw its review application regarding the original proceedings. This settlement provides a contractual pathway to aggregate cash receipts of approximately $14.6-million, which compares favourably to the original $13-million fixed consideration. The company plans to return about 80% of the net cash proceeds to shareholders, subject to regulatory considerations. The interim CEO, Richard Jennings, described the agreement as a significant milestone that provides enhanced certainty and a disciplined investment company model focused on value creation.
(Source：Australasia Global Mining News)