Pan Terra Industries Inc. has agreed to spend $1.65 million (Canadian) to buy a majority stake in a Namibian gold and coppper mining company.

The Vancouver-based company said Friday it will buy 80 percent of Congo Namibia Trading Ltd., which, among other assets, holds sole interest in five licenses in the Tsumeb Copper Belt. It also holds interests in Angola and Zimbabwe.

The definitive agreement is expected to be executed this month.