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Market: AIM
Sector: General Mining - Copper
North River Resources plc.

North River Resources plc.

North River is a mineral exploration and development company active in Namibia and Mozambique. The Company is focussed on re-opening its flagship asset, the Namib Lead Zinc Project near Swakopmund in Namibia and is targeting commencement of production in the near term.

North River Resources plc.

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Big picture - Why invest in North River Resources plc.

North River Resources plc. Snapshot

North River Resources plc is headquartered in London with subsidiaries in Namibia and joint venture interests in Mozambique.

North River has an extensive exploration landholding in Namibia ranging from newly issued exclusive prospecting licences (EPLs) to previously producing properties with identified JORC Compliant resources.

The Company's flagship asset is the EPL covering the historic Namib Lead Zinc Mine, which has demonstrated its potential to be developed into a profitable and medium life mine.

Key Points: 

  • Advanced lead, zinc and silver project in Namibia offer production potential in the short term
  • Significant Namibian exploration landholding offers discovery potential
  • Exploration programmes targeting lead-zinc-silver-indium and copper
  • JORC Compliant copper resources at Malachite Pan and Koperberg
  • Excellent support infrastructure in place in Namibia
  • North River has a high calibre board and management team providing a wealth of commercial experience and access to world class technical resources




North River Resources holds 100% of the Namib Lead Zinc Project (NLZM), which is centred on the underground Namib Lead Mine which was previously operational from 1968-1991.

The project has a current JORC resource of 1,250,000 tonnes, with resulting underground in-situ metal inventory of:

  • 30,709 tonnes of lead
  • 80,640 tonnes of zinc
  • 1.76 million ounces of silver

The NLZM is located 25km from the town of Swakopmund and 55km from the port of Walvis Bay.

Three ore bodies were mined previously, namely South, Junction and North ore bodies. The bulk of production was from the South and Junction ore bodies which were developed to 7.5 and 7 Level respectively (each Level being approximately 30m). The North ore body was developed to 2 Level.

Additional occurrences of mineralisation are known at the N20 prospect and at numerous other surface gossan occurrences within the project area.

The North River team has made considerable headway in obtaining legacy information relating to the operations of the mine from 1968 to 1991. This includes diamond drill data that was conducted during that period and prior to operations commencing in 1969. The information was obtained by the discovery of archival reports and plans from a number of different sources in Namibia, as well as interviews with individuals associated with the mine.

The Board believes that the mine produced approximately 700,000 tonnes of ore (calculated from North River's 3D models of the mine voids), producing over 100,000 tonnes of lead and zinc concentrate, and over 1,000,000 ounces of silver. After net smelter returns the Board calculates that this would have yielded revenues in excess of $100 million at current commodity prices.
The Company has access to bore hole logs and assay data relating to surface diamond drilling programmes conducted at Namib in 1956 and 1966, which demonstrate the potential for a number of intercepts up to 100 metres below the base of the historic mine workings, as well as some high grade intercepts at the Northern ore-bodies.

The lead-zinc mineralisation at NLZM and related prospects is thought to have been a primary stratabound sulphide deposit which has subsequently been metamorphosed and deformed. The intense metamorphism and deformation of the area has remobilised and re-deposited the primary sulphide mineralisation in structural traps which are however still largely stratabound.

The mine is free of water and a total of 600 metres of channel sampling of key exposures has been completed. This is predominantly in the lowest parts of the mine in the Junction and South sections and on strike extensions to the mineralisation at higher levels of the mine.

Preliminary metallurgical testwork was completed on grab samples retrieved from newly exposed mining areas. These samples were selected at random and were submitted for analysis and flotation testing. The total sample was small and may not be representative of the eventual run of mine ore however the results were highly encouraging with high recoveries, fast float times and achieving a 56% zinc concentrate. Only two tests were run due to the small sample size and so there is considerable scope to improve both recoveries and concentrate grades.


For information please click here 






The Company has a JV agreement with Baobab for the development of the Monte Muande licences in Mozambique, which are prospective for magnetite, phosphate, uranium and gold.

The Monte Muande magnetite/phosphate deposit is located 25km to the northwest of the provincial capital of Tete. The international highway to Zambia passes within 3km of the project. The deposit is hosted in a carbonatite and was explored during the 1980s by the Geological Institute of Belgrade ('GIB'). GIB completed two phases of vertical diamond drilling between 1983 and 1985 totalling 5,570m, 2,960m of which falls within the Joint Venture area. The institute also completed more than 10km of trenching and bench-scale metallurgical test work.

Using the GIB data sets in conjunction with more recent soil geochemistry and aeromagnetic surveys completed by Omegacorp, consultants Coffey Mining calculated an Exploration Target of 200Mt to 250Mt to an average depth of c.40m below surface. Coffey also carried out a high level review of the GIB metallurgical data which indicated that a magnetite concentrate containing 67% iron ('Fe') could be generated via a process of coarse grinding and magnetic separation, followed by regrinding and a flotation circuit to recover a phosphate rock concentrate containing 36% phosphorus ('P2O5'). Total magnetite and apatite recoveries of 92% and 70% respectively were recorded.

Drilling has intersected broad zones of shallow dipping magnetite and apatite mineralisation at Monte Muande. Following analysis by the ALS Chemex laboratory in Western Australia the Company announced significant drill results from magnetite rich intersections, with premium quality concentrate grades of 69% Fe at a mass recovery of 26% (weighted average). The magnetite concentrates are generally very low in deleterious elements. Phosphate mineralisation is ubiquitous with bench-scale test work required to determine quality and yield of a potential concentrate product. The head grades are in line with Coffey Mining's shallow depth 200Mt to 250Mt exploration target.

For further information please click here 

James Beams
Non-Executive Chairman

James Beams joined North River having previously spent 14 years with Anglo American plc. For his final five years at Anglo American he was the Chief Financial Officer for the Copper division, and prior to that served in several senior management positions within the company. Prior to his time at Anglo American, he held senior finance roles at Minorco and Commercial Union.

Mark Thompson (Independent Director)
Non-Executive Director

Mark Thompson is the executive Chairman of Treliver Minerals Ltd, a UK company developing Tin mining projects in England and Germany. He is a non-executive Director of TSX-V listed Margaret Lake Diamonds Inc as well as holding a number of other directorships in private companies engaged in mineral exploration. He is a former Chief Investment Officer and co-founder of Galena Asset Management Ltd, the fund management arm of Trafigura Beheer b.v., and partner at Apollo Management, one of the world's largest alternative asset managers. Mark holds a masters degree in Physics from Oxford University.

Mark Sawyer
Non-Executive Director

Mark Sawyer is a Senior Partner at Greenstone Capital LLP and a co-founder of Greenstone Resources LP ("Greenstone"), the private equity fund. Mark co-founded Greenstone in 2013 after a 18 year career in the mining sector including as co-head of group business development at Xstrata plc, and senior roles at Rio Tinto plc and Cutfield Freeman & Co Ltd. Together with Greenstone's co-founder, Mark oversees all aspects of the management of the business. He serves as a director of Greenstone Management Ltd, the fund's General Partner, and is a member, and co-Chairman, of the Investment Committee.

Ken Sangster (Independent Director)
Non-Executive Director

Ken Sangster was trained as a metallurgist and has 49 years' experience in the mining industry in a number of highly successful project development / project management roles ranging in project size from USD20M to USD600M. He previously worked in numerous senior roles for Rio Tinto plc for over 15 years, as well having metallurgy focused project development roles for Anglo American PLC, Consolidated Gold Fields, Outokumpu Metals and Resources, TVX Gold and Ivernia plc. He is also a Fellow of the Institute of Directors.

Dag Kullmann
Managing Director (Namibia)

Dag Kullmann is a mining engineer with 28 years' experience in the mining industry, predominantly in Southern Africa. Before joining North River Resources in 2017, he spent 10 years in Namibia with the Forsys Metals Group of Companies, initially as project and mining manager, then also its general manager. Prior to this, Dag spent 18 years in South Africa, first working in the Wits gold fields and finally 8 years consulting with Snowden Mining Industry Consultants on a wide variety of commodities across Africa and further abroad. He acted as Qualified Person for several large and small mining companies for the completion of technical studies, reserve reporting, operational audits and listing documentation for a number of international stock exchanges.

Edwin Daweti
Country Manager (Namibia)

Edwin Daweti holds a BSc degree from the University of Namibia and a BSc Honours degree, GDE and M.Eng (Mineral Resource Evaluation and Rock Mechanics) from the University of Witwatersrand, South Africa. He has nine years of mining and exploration geology, with experience in Namibia and South Africa. Prior to joining North River, Edwin held positions with Rossing Uranium (Rio Tinto), Xemplar Energy Corporation and Rosh Pinah Zinc Mine. Edwin has been working for North River since April 2011 and is responsible for the Company's team of ten staff in Namibia, and direct supervision of various contractors.

Total securities in issue - 26,392,596 ordinary shares.

Percentage of shares not in public hands - 77.09%

Substantial Shareholders


Greenstone Resources LP 75.69%
Taurus Mineral Limited (Note 1) 4.04%


Note 1 - Taurus Mineral Limited's stake is held through Kalahari Gold Limited (980,000 shares) and Kalahari Diamonds Limited (86,666 shares), both of which are 100% owned by Extract Resources Limited, which in turn is 100% owned by Taurus Mineral Limited



James Beams 0.74%
Mark Thompson 0.43%
Mark Sawyer (Note 2) 75.69%
Ken Sangster 0.08%


Note 2 - Held indirectly through Greenstone Resources L.P (“Greenstone”). Mark Sawyer does not have any direct interest in the Ordinary Shares or any options over Ordinary Shares but is a founding partner of Greenstone. Greenstone also holds the Tranche One Notes (as defined in the Company’s announcement yesterday), pursuant to the terms of the Greenstone Placing.

Key Shareholders and total securities in issue as of 29.03.2017

North River Resources Plc
c/o Shakespeare Martineau

6th Floor 60 Gracechurch Street

Tel: +44 (0) 0207 264 4366


North River Resources Namibia
14 Windhuker Street

Email: [email protected]
Tel: +264 64 426250
Fax: +264 64 426251

Solicitors to the Company as to English Law: Watson, Farley & Williams LLP 
15 Appold Street 
 London EC2A 2HB
Solicitors to the Company as to Namibian Law: Theunissen, Louw & Partners 
Schützen Street 
PO Box 3110, Windhoek 
Auditors and Reporting Accountants: UHY Hacker Young 
Quadrant House 
4 Thomas More Square 
 London E1W1YW
Registrars: Capita Registrars 
Northern House 
Woodsome Park 
Fenay Bridge 
 Huddersfield HD8 OGA


North River Resources plc. Timeline

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