from DION HENRICK in Cape Town
Western Cape Bureau
CAPE TOWN, (CAJ News) – DAMREV, the real world asset (RWA) tokenisation company, has secured a $330 million (R6,2 billion) deal to tokenize a copper mine in Namibia.
This project, set to be implemented over a 24-month period, marking a milestone in both the mining and blockchain industries.
The company said the initiative underscored Damrev’s commitment to leveraging blockchain technology to revolutionise traditional industries.
By tokenizing the yet to be confirmed copper mine, Damrev is to enable fractional ownership, increased liquidity and enhanced transparency, setting a new standard for asset management and investment in the mining sector.
“We are thrilled to begin this transformative journey with our partners in Namibia,” said Duane Herholdt, Chief Executive Officer of Damrev, in Cape Town
“This project not only highlights the immense potential of tokenization in unlocking value from real-world assets but also reinforces Damrev’s position as a pioneer in the African blockchain space,” Herholdt 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 approach is expected to attract a diverse range of investors, from institutional to retail.
The mine is to benefit from increased operational efficiency and funding opportunities through this partnership.
Herholdt said this initiative is poised to set a precedent for future tokenisation projects across Africa.
“We are dedicated to delivering value not only to our investors but also to the people of Namibia, fostering sustainable development and economic growth,” Herholdt said.
Damrev discloses it is positioning itself to be the largest digital asset marketplace in Africa.
– CAJ News