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Kazera Global PLC on Monday said it has reached a ‘significant and highly positive milestone’ as it struck a $10.5 million settlement related to the African Tantalum Pty Ltd, or Aftan, arbitration award. Shares in Kazera Global jumped 32% to 1.25 pence on Monday afternoon in London. The mining investment firm focused on early-stage assets said it has executed a definitive settlement agreement with Hebei Xinjian Construction CC. In December 2022, Kazera entered into a share sale and loan repayment agreement with Hebei, related to Aftan, which is Kazera’s former tantalum and lithium mining business in Namibia. Following ‘material payment defaults’, Kazera started arbitration proceedings in Namibia. In May 2025, Kazera was granted an arbitration award in its favour, worth around $11.9 million. ‘Whilst the board remained highly confident in Kazera’s legal position, and the enforceability of the arbitration award, legal enforcement and recovery processes can be time consuming, costly and inherently uncertain in timing and practical outcome,’ it said on Monday. Kazera said it believes a binding settlement agreement represents an ‘attractive commercial outcome for shareholders’. Under the agreement, Hebei is required to make an initial $500,000 cash payment to Kazera. ‘The payment is expected to be made from Namibia, and the parties are currently working through the associated banking and exchange-control mechanics required to enable the funds to be remitted to Kazera,’ the firm said. Kazera will receive total consideration of $10.5 million, payable over a structured period ending December 2029. It has ‘enhanced downside protections’ and an option for accelerated settlement, Kazera said. Hebei may settle early at a discounted amount of $9.0 million if paid in full by the end of 2026. Hebei will also withdraw its review application for the original arbitration proceedings. Kazera has previously received around $4.1 million from Hebei under the original transaction. The total of around $14.6 million is more than the original fixed cash consideration of $13.0 million under the 2022 Aftan sale agreement, Kazera noted. No ownership in Aftan will transfer to Hebei until aggregate settlement payments of around $7.1 million have been received. After this, four 25% tranches of Aftan will be transferred, linked to payment milestones. Kazera said a 25% holding will be transferred after $7.1 million of payments, 50% after $8.3 million, 75% after $9.4 million and 100% after the full $10.5 million. The firm said it currently plans to return around 80% of net cash proceeds received under the settlement to shareholders. ‘This is a significant and highly positive milestone for Kazera and its shareholders. We have executed a definitive settlement agreement in respect of the Aftan arbitration which provides a clear pathway to significant further value recovery,’ said Kazera’s interim Chief Executive Officer Richard Jennings. ‘Whilst we remained highly confident in our legal position, the Board has always been focused on achieving the best practical commercial outcome for shareholders. We believe this agreement provides enhanced certainty, meaningful downside protection and an attractive commercial outcome when balanced against the uncertainty, timing and cost associated with alternative recovery routes.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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