Berg Aukas

Berg Aukas – Development Opportunity of Polymetallic Mine Benefitting from Strong Pricing Environment


  • Berg Aukas property is located 19 km east of Grootfontein in northern Namibia

Mine type:

  • Underground


  • Development


  • Weatherly owns 90% of China Africa Resources Namibia Limited (CARN) which owns 100% of Berg Aukas

Ore Reserves:

  • 1.69Mt at 11.16% Zn, 2.76% Pb and 0.23% V2O5 (Cut off 5% Zn eq)

Mineral Resources:

  • 1.26Mt at 15.47% Zn, 3.84% Pb and 0.33% V2O5 (Cut off 3.0% Zn)


  • Past-producing zinc-lead-vanadium project which was closed in the 1970s
  • Shafts and access development to 800m depth
  • CARN has applied for renewal of mining licences which are due to expire in March 2019 

Valuation and upside potential:

  • 2018 Minxcon PFS update highlights attractive development option5:
    • LOM production of ~205kt Zn and ~50kt Pb over a 10 year mine life
    • NPV10 of US$74m
    • IRR of 35%
  • Significant value enhancing opportunities including:
    • Shaft stripping / decline addition options allowing for larger equipment and mill expansion
    • Unlocking value from metal recovery from stock of historical tailings
    • Favourable vanadium pricing environment