Copper mine to trade on blockchain
Billion-dollar deal
By tokenising the local copper mine, fractional ownership, increased liquidity and enhanced transparency will be enabled, Damrev says.
A copper mine in Namibia is in a N$6 billion deal to be tokenised, which means its assets will be converted into digital tokens on a secure blockchain platform.
Damrev, a real world asset (RWA) tokenisation company, confirmed the US$330 million agreement.
“This groundbreaking project, set to be implemented over a 24-month period, marks a significant milestone in both the mining and blockchain industries,” Damrev said in a statement.
Damrev specialises in transforming traditional assets into digital tokens using the Stellar Blockchain and last year received the award for the Best African Business Tokenisation Company of the Year.
It also received the Innovation & Excellence Award 2024 for Real World Asset (RWA) Tokenisation Company of the Year in South Africa.
Non-disclosure
Approached for comment, Damrev CEO Duane Herholdt didn’t want to name the copper mine involved in the deal.
“Currently we are under a strict NDA [non-disclosure agreement] and the mine does not want to disclose their name or any pertinent information at this stage,” Herholdt told Market Watch from South Africa.
He said a press conference with the mine is likely to happen “in the next four weeks or so”.
Market Watch also approached the Bank of Namibia (BoN) for comment. At the time of going to print, the central bank hadn’t responded yet.
Tokenisation
By tokenising the local copper mine, fractional ownership, increased liquidity and enhanced transparency will be enabled, Damrev claims.
This will set a new standard for asset management and investment in the mining sector, the company adds.
“We are thrilled to begin this transformative journey with our partners in Namibia,” Herholdt said.
“This project not only highlights the immense potential of tokenisation in unlocking value from real-world assets but also reinforces Damrev’s position as a pioneer in the African blockchain space,” he said.
The tokenisation process will involve converting the copper mine’s assets into digital tokens on a secure blockchain platform.
These tokens will represent the mine’s value, allowing investors to buy, sell and trade them “seamlessly”.
“This innovative approach is expected to attract a diverse range of investors, from institutional to retail, democratising access to valuable resources,” according to Damrev.
‘Rich deposits’
“The copper mine in Namibia, known for its rich deposits and strategic significance, will benefit from increased operational efficiency and funding opportunities through this partnership,” Damrev said.
“The project’s implementation over the next two years will involve extensive collaboration with local stakeholders, ensuring that the benefits of tokenisation extend to the surrounding community and economy,” it added.
“This initiative is poised to set a precedent for future tokenisation projects across Africa,” Herholdt said.
“We are dedicated to delivering value not only to our investors, but also to the people of Namibia, fostering sustainable development and economic growth.”
Damrev, a real world asset (RWA) tokenisation company, confirmed the US$330 million agreement.
“This groundbreaking project, set to be implemented over a 24-month period, marks a significant milestone in both the mining and blockchain industries,” Damrev said in a statement.
Damrev specialises in transforming traditional assets into digital tokens using the Stellar Blockchain and last year received the award for the Best African Business Tokenisation Company of the Year.
It also received the Innovation & Excellence Award 2024 for Real World Asset (RWA) Tokenisation Company of the Year in South Africa.
Non-disclosure
Approached for comment, Damrev CEO Duane Herholdt didn’t want to name the copper mine involved in the deal.
“Currently we are under a strict NDA [non-disclosure agreement] and the mine does not want to disclose their name or any pertinent information at this stage,” Herholdt told Market Watch from South Africa.
He said a press conference with the mine is likely to happen “in the next four weeks or so”.
Market Watch also approached the Bank of Namibia (BoN) for comment. At the time of going to print, the central bank hadn’t responded yet.
Tokenisation
By tokenising the local copper mine, fractional ownership, increased liquidity and enhanced transparency will be enabled, Damrev claims.
This will set a new standard for asset management and investment in the mining sector, the company adds.
“We are thrilled to begin this transformative journey with our partners in Namibia,” Herholdt said.
“This project not only highlights the immense potential of tokenisation in unlocking value from real-world assets but also reinforces Damrev’s position as a pioneer in the African blockchain space,” he said.
The tokenisation process will involve converting the copper mine’s assets into digital tokens on a secure blockchain platform.
These tokens will represent the mine’s value, allowing investors to buy, sell and trade them “seamlessly”.
“This innovative approach is expected to attract a diverse range of investors, from institutional to retail, democratising access to valuable resources,” according to Damrev.
‘Rich deposits’
“The copper mine in Namibia, known for its rich deposits and strategic significance, will benefit from increased operational efficiency and funding opportunities through this partnership,” Damrev said.
“The project’s implementation over the next two years will involve extensive collaboration with local stakeholders, ensuring that the benefits of tokenisation extend to the surrounding community and economy,” it added.
“This initiative is poised to set a precedent for future tokenisation projects across Africa,” Herholdt said.
“We are dedicated to delivering value not only to our investors, but also to the people of Namibia, fostering sustainable development and economic growth.”
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