UK's ACE revives Namibia's Karibib lithium project with Lepidico buyout
What's the deal? UK-based African Critical Elements (ACE) has acquired 100% of Lepidico (Canada) Inc., giving it an 80% stake in Namibia's dormant Karibib lithium, rubidium, and caesium project. The deal, for an undisclosed sum, also hands ACE Lepidico Canada's secured debts. Namibian company Huni-Urib retains the remaining 20%.
Why now? Karibib has sat idle since 2022, hit by low lithium prices and the collapse of parent company Lepidico Ltd.Dealroom has a profile for this one. Try Dealroom →, which was liquidated in May 2025. The project was left unfunded and at risk of losing its mining licences. ACE was formed in February 2026 by ILC Critical Minerals chairman John Wisbey and director Maurice Brooks after an earlier bid by ILC failed when the Toronto Venture Exchange withheld approval.
What's the endgame? ACE plans to restart drilling, refresh Karibib's 2020 definitive feasibility study, and reach production within three years. The project — covering the Rubicon and Helikon mines near Karibib — has drawn around £13 million in investment over the past decade.
What did the buyer say? "This acquisition is ACE's first transaction but a very significant one," said Wisbey, executive chairman. He added that reviving Karibib would bring new jobs and tax revenues to Namibia. The mine expects to employ 30 people directly once operations resume.
What could go wrong? ACE is a new entrant with no Namibian operations, and Namibian critics have challenged the deal. Otwathika Investment Holdings objected in July, calling it "a contrived scheme to ensure foreign control of lithium mining in Namibia." Just 1% of ACE is Namibian-owned, and the project still needs sustained financing before it can produce.
Namibia's Competition Commission approved the acquisition in October 2026, with conditions on local employment, skills development, and participation.
The signal: The buyout is a rescue and restart bid rather than a near-term boost to lithium supply. It reflects renewed investor interest in Namibia's critical minerals as lithium demand recovers — echoed by EU-backed support for extraction at Andrada's Uis mineDealroom has a profile for this one. Try Dealroom →. The key test is whether ACE can convert ownership into a credible, financed restart.
Read more: africanminingmarket.com
Image credit: Generated with Gemini
