Document:

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                                                                    EXHIBIT 4.33

                           NORD RESOURCES CORPORATION

                               WARRANT CERTIFICATE

No. W2005-011                          (The number of Warrants calculated below)

THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, NOR REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES
LAWS. SUCH WARRANTS MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER
APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF
COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION SUCH QUALIFICATION AND
REGISTRATION IS NOT REQUIRED PURSUANT TO AN EXEMPTION THEREFROM. NO TRANSFER OF
ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED.

                                WARRANTS FOR THE
                            PURCHASE OF COMMON STOCK

Issue Date: November 8, 2005

THIS CERTIFIES THAT, FOR VALUE RECEIVED, Nedbank Limited, a limited liability
company organized under the laws of the Republic of South Africa (the "Holder"),
is the owner of the number of warrants to purchase an equal number of
validly-issued, fully-paid and non-assessable shares of Common Stock of NORD
RESOURCES CORPORATION, a corporation organized and existing under the laws of
the State of Delaware (the "Corporation"), determined as follows:

     FW = 0.15(FA/EP), where

     FW = the number of warrants represented hereby for the purchase of an equal
          number of shares of the Corporation's Common Stock;

     FA = US$2,900,000, converted into Canadian Dollars on the date of issue of
          this Warrant Certificate.

     EP = the Exercise Price.

The warrants represented by this Warrant Certificate are fully vested as of the
date hereof. Purchase may be made at any time, and from time to time, prior to
5:00 p.m. Pacific Time on the Expiration Date (as hereinafter defined), upon the
presentation and surrender of this Warrant Certificate with a written notice
signed by the Holder stating

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the number of shares of Common Stock with respect to which such exercise is
being made, at the principal corporate address of the Corporation, accompanied
by payment of the Purchase Price, in lawful money of the United States of
America in cash or by official bank or certified check made payable to NORD
RESOURCES CORPORATION. The Purchase Price and the number of shares of Common
Stock subject to purchase upon the exercise of the Warrants are subject to
modification or adjustment as set forth herein. The Warrants represented by this
Warrant Certificate have been issued by the Corporation in connection with a
Secured Promissory Note, dated as of even date herewith, issued by the Company
in favor of the Holder (the "Note").

SECTION 1. DEFINITIONS. As used herein, the following terms shall have the
     following meanings, unless the context shall otherwise require:

     (a)  "Adjusted Purchase Price" shall have the meaning given to it in
          Section 5 of this Certificate.

     (b)  "Change of Shares" shall have the meaning given to it in Section 5 of
          this Certificate.

     (c)  "Corporate Office" shall mean the office of the Corporation at which,
          at any particular time, its principal business shall be administered,
          which office is currently located at 3048 Seven Dash Road, Dragoon,
          Arizona 85609.

     (d)  "Exercise Date" shall mean, as to any Warrant, the date on which the
          Corporation shall have received both (a) this Warrant Certificate,
          together with a written notice of exercise in accordance herewith,
          duly executed by the Holder hereof, or his attorney duly authorized in
          writing, and indicating that the Holder is thereby exercising such
          Warrant(s), and (b) payment by wire transfer, or by official bank or
          certified check made payable to the Corporation, of an amount in
          lawful money of the United States of America equal to the applicable
          Purchase Price for such Warrant(s).

     (e)  "Exercise Price" shall mean, as to any Warrant, the final price at
          which a share of the Corporation's Common Stock is sold in the Initial
          Public Offering of its Common Stock.

     (f)  "Expiration Date" shall mean 5:00 P.M. (Pacific Time) on the date that
          is twenty-four (24) months following the date of this Warrant
          Certificate; provided, however, that if the Corporation fails to
          complete an Initial Public Offering of its Common Stock on or before
          May 8, 2006, then this Warrant Certificate shall expire on May 8, 2006
          and the Corporation shall issue a Warrant Certificate to the Holder
          granting warrants to purchase 743,590 shares of Common Stock at an
          exercise price equal to the average closing

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          price of the Common Stock (as listed on the bulletin board) for the 20
          trading days prior to May 8, 2006. This replacement Warrant
          Certificate shall expire on May 8, 2008.

          If the Expiration Date falls on a holiday or a day on which banks are
          authorized to be closed in the State of Arizona, then the Expiration
          Date shall mean 5:00 P.M. (Pacific Time) of the next consecutive day
          which does not fall on a holiday or a day on which banks are
          authorized to be closed in the State of Arizona.

     (g)  "Holder" shall mean, as to any Warrant and as of any particular date,
          the person in whose name the Warrant Certificate representing such
          Warrant is registered as of that date on the Warrant Register
          maintained by the Corporation.

     (h)  "Common Stock" shall mean the common stock of the Corporation, which
          has the right to participate in the distribution of earnings and
          assets of the Corporation without limit as to amount or percentage.

     (i)  "Purchase Price" shall mean the purchase price to be paid upon
          exercise of each Warrant hereunder in accordance with the terms
          hereof, which price shall be the Exercise Price, subject to adjustment
          from time to time pursuant to the provisions of Section 5 hereof.

     (j)  "Securities Act" shall mean the Securities Act of 1933, and any
          amendments or modifications, or successor legislation, thereto
          adopted, and all regulations, rules or other laws enacted or adopted
          pursuant thereto.

     (k)  "Warrants" shall mean the Warrants represented by this Warrant
          Certificate.

     (l)  "Warrant Certificate" shall mean any certificate representing
          Warrants, and "this Certificate" shall mean they warrant Certificate
          issued to the Holder identification on the first page hereof.

     (m)  "Warrant Registry" means the official record maintained by the
          Corporation in which are recorded, with respect to each Warrant
          Certificate issued by the Corporation: the date of issuance, the name
          and address of the original Holder, the name and address of each
          subsequent transferee of such original Holder, and the number
          identifying, such Warrant Certificate.

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     (n)  "Warrant Shares" shall have the meaning given to it in Section 2 of
          this Certificate.

SECTION 2. EXERCISE OF WARRANTS.

     (a)  Each Warrant evidenced hereby may be exercised by the Holder at any
          time on the Exercise Date, upon the terms and subject to the
          conditions set forth herein. A Warrant shall be deemed to have been
          exercised immediately prior to the close of business on the Exercise
          Date and the person entitled to receive shares of restricted common
          stock of the Corporation deliverable upon such exercise shall be
          treated for all purposes as the Holder of a Warrant Share upon the
          exercise of the applicable Warrant as of the close of business on the
          Exercise Date. Promptly following, and in any event within ten (10)
          business days after, the date on which the Corporation first receives
          clearance of all funds received in payment of the Purchase Price
          pursuant to this Warrant Certificate, the Corporation shall cause to
          be issued and delivered to the person or persons entitled to receive
          the same, a certificate or certificates evidencing the issuance to
          such Holder of the applicable number of Warrant Shares (plus a Warrant
          Certificate for any remaining issued but unexercised Warrants of the
          Holder). Notwithstanding the foregoing sentence, in the event that any
          registration or qualification (or filing for exemption from any such
          requirements) is required prior to the issuance of such Warrant Shares
          by the Corporation in accordance with Section 3(b) below, then the
          obligation to deliver any such certificates shall arise only upon
          completion of such requirements and at such time as the Corporation
          may lawfully do so.

     (b)  Upon the exercise of the Warrants represented hereby, if the
          Corporation so requests, the Holder shall certify to the Corporation
          that it is not exercising such Warrants with a view to distribute the
          Warrant Shares in violation of the Securities Act, and shall provide
          such other investor representations as the Corporation may require to
          confirm the ability of the Corporation to rely upon the exemption from
          registration under the Securities Act which applies to the
          distribution of Warrant Shares at the time of such distribution.

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SECTION 3. RESERVATION OF SHARES; REGISTRATION; RIGHTS; TAXES; ETC.

     (a)  The Corporation covenants that it will at all times reserve and keep
          available out of its authorized Common Stock, solely for the purpose
          of issue upon the valid exercise of Warrants, such number of Warrant
          Shares as shall then be issuable upon the exercise of all Warrants
          then outstanding. The Corporation covenants that all shares of Common
          Stock which shall be issuable upon exercise of the Warrants shall, at
          the time of delivery, be duly and validly issued, fully-paid,
          non-assessable and free from all taxes, liens and charges with respect
          to the issuance thereof (other than those which the Corporation shall
          promptly pay or discharge, or any liens created thereon by the Holder
          thereof and/or any predecessor of such Holder).

     (b)  The Corporation shall not be obligated to deliver any Warrant Shares
          pursuant to the exercise of the Warrants represented hereby unless and
          until a registration statement under the Securities Act and/or under
          any applicable state securities laws and regulations, with respect to
          such securities is effective, or an exemption from such registration
          is available to the Corporation at the time of such exercise. The
          Corporation covenants that if any Warrant Shares reserved for the
          purpose of exercise of Warrants hereunder require registration with,
          or approval of, any governmental authority under any federal or state
          securities law before such securities may be validly issued or
          delivered upon such exercise, then the Corporation will in good faith
          and as expeditiously as reasonably possible, endeavor to secure such
          registration or approval. However, in the event that this Warrant
          Certificate represents Warrants which have been transferred by an
          initial holder thereof, the Warrants represented hereby may not be
          exercised by, nor shares of Common Stock issued to, the Holder hereof
          in any state in which such exercise and issuance would be unlawful. If
          the Holder exercises its right to purchase Warrant Shares following
          the initial public offering of the Corporation's Common Stock, the
          Warrant Shares issuable to the Holder upon exercise of the Warrants
          will be registered under the Securities Act and freely tradeable by
          the Holder.

     (c)  The Corporation shall pay all documentary, stamp or similar taxes and
          other governmental charges that may be imposed with respect to the
          issuance of the Warrants, or the issuance or delivery of any shares of
          Common Stock upon exercise of the Warrants; provided, however, that if
          the shares of Common Stock are to be delivered in a name other than
          the name of the Holder hereof, then no such

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          delivery shall be made unless the person requesting the same has paid
          to the Corporation the amount of transfer taxes or charges incident
          thereto, if any.

SECTION 4. LOSS OR MUTILATION. Upon receipt by the Corporation of evidence
     satisfactory to it of the ownership of, and loss, theft, destruction or
     mutilation of, this Warrant Certificate and (in case of loss, theft or
     destruction) of indemnity satisfactory to the Corporation, and (in the case
     of mutilation) upon surrender and cancellation thereof, the Corporation
     shall execute and deliver to the Holder in lieu thereof a new Warrant
     Certificate of like tenor representing an equal aggregate number of
     Warrants as was indicated to be outstanding on the prior lost or mutilated
     Warrant Certificate (provided, however, that to the extent that any
     discrepancy may exist between the number of Warrants purported to be
     outstanding in respect of any Holder as evidenced by a Warrant Certificate
     that has been lost or mutilated and the number attributable to such Holder
     in the Warrant Registry, then the Warrant Registry shall control for all
     purposes, absent a showing of manifest error. Each Holder requesting a
     substitute Warrant Certificate due to loss, theft or destruction shall,
     prior to receiving such substitute certificate, provide an affidavit to the
     Corporation in the form prescribed thereby and signed by (and notarized on
     behalf of) such Holder. Applicants for a substitute Warrant Certificate
     shall comply with such other reasonable regulations and pay such other
     reasonable charges as the Corporation may prescribe.

SECTION 5. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF WARRANT SHARES OR
     WARRANTS.

     (a)  Subject to the provisions of this Warrant Certificate and applicable
          law, in the event the Corporation shall, at any time or from time to
          time after the date hereof, issue any shares of Common Stock as a
          stock dividend to the holders of Common Stock, or subdivide or combine
          the outstanding shares of Common Stock into a greater or lesser number
          of shares (any such sale, issuance, subdivision or combination being
          herein called a "Change of Shares"), then, and thereafter upon each
          further Change of Shares, the Purchase Price in effect immediately
          prior to such Change of Shares shall be reduced, but in no event
          increased, to a price (the "Adjusted Purchase Price") determined by
          multiplying the Purchase Price in effect immediately prior to such
          Change of Shares by a fraction, the numerator of which shall be the
          sum of the number of shares of Common Stock outstanding immediately
          prior to the issuance of such additional shares plus the number of
          shares of Common Stock which the aggregate consideration received by
          the Corporation would purchase at such Purchase Price, and the
          denominator of which shall be the sum of the number of shares of
          Common Stock

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          outstanding immediately after the issuance of such additional shares.
          Such adjustment to the Purchase Price shall be made successively
          whenever an issuance is made after a Change of Shares has occurred.

          Upon each adjustment of the Purchase Price pursuant to this Section
          5(a), the total number of shares of Common Stock purchasable upon the
          exercise of each Warrant shall become (subject to the provisions
          contained in Section 5(b) hereof) such number of shares (calculated to
          the nearest tenth) purchasable at the Purchase Price in effect
          immediately prior to such adjustment multiplied by a fraction, the
          numerator of which shall be the Purchase Price in effect immediately
          prior to such adjustment and the denominator of which shall be the
          applicable Adjusted Purchase Price (rounded to the nearest whole
          number of shares). No fractional shares shall be issued or called for
          as a result of any adjustment made hereunder.

     (b)  The Corporation may elect, at its sole discretion, upon any adjustment
          of the Purchase Price hereunder, to adjust the number of Warrants
          outstanding, in lieu of adjustment of the number of Warrant Shares
          purchasable upon the exercise of each Warrant as hereinabove provided,
          so that each Warrant outstanding after such adjustment shall represent
          the right to purchase one Warrant Share. Each Warrant held of record
          prior to such adjustment of the number of Warrants shall become that
          number of Warrants (calculated to the nearest tenth) determined by
          multiplying the number one by a fraction, the numerator of which shall
          be the Purchase Price in effect immediately prior to such adjustment
          and the denominator of which shall be the Adjusted Purchase Price.
          Upon each adjustment of the number of Warrants pursuant to this
          Section 5(b), the Corporation shall, as promptly as practicable, cause
          to be distributed to each Holder of Warrant Certificates, on the date
          of such adjustment, Warrant Certificates evidencing the adjusted
          number of Warrants to which such Holder shall be entitled as a result
          of such adjustment or, at the sole option of the Corporation, cause to
          be distributed to such Holder in substitution and replacement for the
          Warrant Certificates held by him prior to the date of adjustment, and
          upon surrender thereof, (if required by the Corporation) new Warrant
          Certificates evidencing the aggregate number of Warrants to which such
          Holder shall be entitled after such adjustment.

     (c)  In case of any reclassification, capital reorganization or other
          change of outstanding shares of Common Stock, or in case of any
          consolidation or merger of the Corporation with or into another

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          corporation (other than a consolidation or merger in which the
          Corporation is the continuing corporation and which does not result in
          any reclassification, capital reorganization or other change of
          outstanding shares of Common Stock), or in case of any sale or
          conveyance to another corporation of all, or substantially all, of the
          property of the Corporation (other than a sale/leaseback, mortgage or
          other financing transaction), the Corporation shall cause effective
          provision to be made so that each holder of a Warrant then outstanding
          shall have the right thereafter, by exercising such Warrant, to
          purchase the kind and number of shares of stock or other securities or
          property (including cash) receivable upon such reclassification,
          capital reorganization or other change, consolidation, merger, sale or
          conveyance by a holder of the number of Warrant Shares that might have
          been purchased upon exercise of such Warrant immediately prior to such
          reclassification, capital reorganization or other change,
          consolidation, merger, sale or conveyance. Any such provision shall
          include provision for adjustments that shall be as nearly equivalent
          as may be practicable to the adjustments provided for in this Section
          5 upon a Change of Shares. The Corporation shall not effect any such
          consolidation, merger or sale without the written consent of Holders
          of a majority of the Warrants then outstanding, unless prior to or
          simultaneously with the consummation thereof the successor (if other
          than the Corporation) resulting from such consolidation or merger or
          the corporation purchasing assets or other appropriate corporation or
          entity shall assume, by written instrument executed and delivered to
          the Corporation, the obligation to deliver to the holder of each
          Warrant such substitute warrants, shares of stock, securities or
          assets as, in accordance with the foregoing provisions, such Holders
          may be entitled to purchase, and the other obligations of the
          Corporation set out in this Certificate. The foregoing provisions
          shall similarly apply to successive reclassifications, capital
          reorganizations and other changes of outstanding shares of Common
          Stock and to successive consolidations, mergers, sales or conveyances.

     (d)  Irrespective of any adjustments or changes in the Purchase Price or
          the number of Warrant Shares purchasable upon exercise of the
          Warrants, all Warrant Certificates issued (whether prior to or
          subsequent to any event causing an adjustment thereof) shall continue
          to express the Purchase Price per share, and the number of shares
          purchasable thereunder as originally expressed in the Warrant
          Certificate initially issued to any Holder.

     (e)  After each adjustment of the Purchase Price pursuant to this Section
          5, the Corporation will promptly prepare a certificate

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          signed by the Chairman or Chief Executive Officer, and attested by the
          Secretary or an Assistant Secretary, of the Corporation setting forth:
          (i) the Purchase Price as so adjusted, (ii) the number of shares of
          Common Stock purchasable upon exercise of each Warrant after such
          adjustment or, if the Corporation shall have elected to adjust the
          number of Warrants, the number of Warrants to which the Holder of each
          Warrant shall then be entitled, and (iii) a brief statement of the
          facts accounting for such adjustment. The Corporation will promptly
          cause a brief summary thereof to be sent by ordinary first class mail
          to each Holder of Warrants at his or her last address as it shall
          appear on the registry books of the Corporation. No failure to mail
          such notice nor any defect therein nor in the mailing thereof shall
          affect the validity thereof. The affidavit of the Secretary or an
          Assistant Secretary of the Corporation that such notice has been
          mailed shall, in the absence of fraud, be prima facie evidence of the
          facts stated therein.

     (f)  As used in this Section 5, references to "Common Stock" shall mean and
          include all of the Corporation's Common Stock authorized on the date
          hereof and shall also include any capital stock of any class of the
          Corporation thereafter authorized which shall not be limited to a
          fixed sum or percentage in respect of the rights of the holders
          thereof to participate in dividends and in the distribution of assets
          upon the voluntary liquidation, dissolution or winding up of the
          Corporation; provided, however, that "Warrant Shares" shall include
          only shares of such class designated in the Corporation's Certificate
          of Incorporation as Common Stock on the date hereof or (i) in the case
          of any reclassification, change, consolidation, merger, sale or
          conveyance of the character referred to in Section 5(c) hereof, the
          stock, securities or property provided for in such section, or (ii) in
          the case of any reclassification or change in the outstanding shares
          of Common Stock issuable upon exercise of the Warrants as a result of
          a subdivision or combination or consisting of a change in par value,
          or from par value to no par value, or from no par value to par value,
          such shares of Common Stock as so reclassified or changed.

     (g)  Any determination as to whether an adjustment in the Purchase Price in
          effect hereunder is required pursuant to this Section 5, or as to the
          amount of any such adjustment, if required, shall be binding upon all
          holders of Warrants and the Corporation if made in good faith by the
          Board of Directors of the Corporation. For purposes of this Section
          5(g), the Corporation's Board of Directors shall be deemed to have
          acted in good faith if it makes any such decision in reliance upon
          advice of its legal counsel and/or another

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          independent professional hired to advise the Board on such matters.

SECTION 6. RESTRICTIVE LEGEND.

     (a)  Except as otherwise provided in this Section 6, each certificate
          evidencing the issuance of Warrant Shares (whether issued in the name
          of the original Holder of this Certificate or of any subsequent
          transferee thereof), shall be stamped or otherwise imprinted with a
          legend in substantially the following form:

               "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
               REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR
               REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH
               SHARES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
               TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND
               REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR
               UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO NORD RESOURCES
               CORPORATION, SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED.
               NO TRANSFER OF ANY SUCH SHARE SHALL BE VALID OR EFFECTIVE UNTIL
               SUCH CONDITIONS HAVE BEEN FULFILLED."

     (b)  Except as otherwise provided in this Section 6, each Warrant
          Certificate shall be stamped or otherwise imprinted with a legend in
          substantially the following form:

               "THE WARRANTS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
               THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED NOR
               QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH WARRANTS MAY NOT
               BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED,
               PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER
               APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE
               WRITTEN OPINION OF

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               COUNSEL SATISFACTORY TO NORD RESOURCES CORPORATION, SUCH
               QUALIFICATION AND REGISTRATION IS NOT REQUIRED. NO TRANSFER OF
               ANY SUCH WARRANT SHALL BE VALID OR EFFECTIVE UNTIL SUCH
               CONDITIONS HAVE BEEN FULFILLED."

     (c)  The legend requirements of Sections 6(a) and 6(b) above shall
          terminate as to any particular Warrant or Warrant Share: (i) when and
          so long as such security shall have been effectively registered under
          the Securities Act and is disposed of pursuant thereto; or (ii) when
          the Company shall have received an opinion of counsel reasonably
          satisfactory to it that such shares may be sold to the public without
          registration thereof under the Securities Act. Whenever the legend
          requirements imposed by this Section 6 shall terminate as to any
          Warrant Share, as hereinabove provided, the Holder hereof shall be
          entitled to receive from the Corporation, at the Corporation's
          expense, a new certificate representing such Warrant Shares and not
          bearing the restrictive legend set forth in Section 6(a).

SECTION 7. RIGHTS OF ACTION. All rights of action with respect to the Warrants
     are vested in the Holders of the Warrants, and any Holder of a Warrant,
     without consent of the holder of any other Warrant, may, in such Holder's
     own behalf and for his own benefit, enforce against the Company his right
     to exercise his Warrants for the purchase of Warrant Shares in the manner
     provided in this Warrant Certificate.

SECTION 8. AGREEMENT OF WARRANT HOLDERS. Every holder of a Warrant, by his or
     her acceptance thereof, consents and agrees with the Corporation and every
     other holder of a Warrant that:

     (a)  The Warrant Registry shall be maintained by the Corporation's
          Secretary, and shall be the official register of all Warrants issued
          to any person in the Offering. The Warrant Registry shall be
          dispositive as to the issuance, ownership, transfer and other aspects
          of each Warrant issued by the Corporation which are recorded therein
          and, absent manifest error, such records shall control for all
          purposes.

     (b)  The Warrants are transferable only on the Warrant Registry by the
          Holder thereof in person or by his attorney duly authorized in writing
          and only if the Warrant Certificates representing such Warrants are
          surrendered at the Corporate Office of the Corporation, duly endorsed
          or accompanied by a proper instrument

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          of transfer satisfactory to the Corporation in its sole discretion,
          together with payment of the amount of any applicable transfer taxes;
          and

     (c)  The Corporation may deem and treat the person in whose name the
          Warrant Certificate is registered on the Warrant Registry as the
          holder and as the absolute, true and lawful owner of the Warrants
          represented thereby for all purposes, and the Corporation shall not be
          affected by any notice or knowledge to the contrary, except as
          otherwise expressly provided in this Certificate.

SECTION 9. MODIFICATION OF WARRANTS. Other than with respect to any adjustment
     made by the Corporation in accordance with the provisions of Section 5
     hereof, this Certificate may only be modified, supplemented or altered by
     the Corporation, and only with the consent in writing of the Holders of
     Warrants representing greater than fifty percent (50%) of the total
     Warrants then outstanding; provided, that no change in the number or nature
     of the securities purchasable upon the exercise of any Warrant, or the
     acceleration of the Exercise Date, shall be made without the consent in
     writing of the Holder of the Warrant Certificate representing such Warrant,
     other than such changes as are specifically prescribed by this Certificate
     as originally executed or are made in compliance with applicable law.

SECTION 10. NOTICES. All notices, requests, consents and other communications
     hereunder shall be in writing and shall be deemed to have been made when
     delivered or mailed first class registered or certified mail, postage
     prepaid as follows: if to the Holder of a Warrant Certificate, at the
     address of such Holder as shown on the Warrant Registry maintained by the
     Corporation; and if to the Corporation, at 3048 Seven Dash Road, Dragoon,
     AZ 85609, or such other place as may be designated by the Corporation from
     time to time in accordance with this Section 10.

SECTION 11. GOVERNING LAW. This Certificate shall be governed by and construed
     in accordance with the corporations laws of the State of Delaware, without
     giving effect to the law of conflicts of laws applied thereby. In the event
     that any dispute shall occur between the parties arising out of or
     resulting from the construction, interpretation, enforcement or any other
     aspect of this Certificate, the parties hereby agree to accept the
     exclusive jurisdiction of the Courts of the State of Delaware. In the event
     either party shall be forced to bring any legal action to protect or defend
     its rights hereunder, then the prevailing party in such proceeding shall be
     entitled to reimbursement from the non-prevailing party of all fees, costs
     and other expenses (including,

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     without limitation, the reasonable expenses of its attorneys) in bringing
     or defending against such action.

SECTION 12. ENTIRE UNDERSTANDING. This Certificate contains the entire
     understanding among the Corporation and the Holder relating to the subject
     matter covered herein, and merges all prior discussions, negotiations and
     agreements, if any between them. Neither of the parties to this agreement
     shall be bound by any representations, warranties, covenants, or other
     understandings relating to such subject matter, other than as expressly
     provided for or referred to herein.

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     IN WITNESS WHEREOF, the Corporation has caused this Warrant Certificate to
be duly executed, manually or in facsimile, by two of its officers thereunto
duly authorized, as of the date set forth below.

NORD RESOURCES CORPORATION              ATTEST:

By: /s/ Erland A. Anderson              By: /s/ Ronald A. Hirsch
    ---------------------------------       ------------------------------------
    Erland A. Anderson                      Ronald A. Hirsch
    President                               Chief Executive Officer

Date: November 8, 2005

                                       14<PAGE>
                                                                    EXHIBIT 4.34

                             SUBORDINATION AGREEMENT

     This Agreement, dated as of November 8, 2005, is made by RONALD A. HIRSCH,
a single man and resident of California, and STEPHEN D. SEYMOUR, a married man
and resident of Maryland (collectively, the "SUBORDINATED CREDITOR"), for the
benefit of NEDBANK LIMITED, a limited liability company organized under the laws
of the Republic of South Africa (the "LENDER").

     Nord Resources Corporation, a Delaware corporation (the "BORROWER"), is now
or hereafter may be indebted to the Lender on account of loans or the other
extensions of credit or financial accommodations from the Lender to the
Borrower, or to any other person under the guaranty or endorsement of the
Borrower.

     The Subordinated Creditor has made or may make loans or grant other
financial accommodations to the Borrower.

     As a condition to making any loan or extension of credit to the Borrower,
the Lender has required that the Subordinated Creditor subordinate the payment
of the Subordinated Creditor's loans and other financial accommodations to the
payment of any and all indebtedness of the Borrower to the Lender. Assisting the
Borrower in obtaining credit accommodations from the Lender and subordinating
their interests pursuant to the terms of this Agreement are in the Subordinated
Creditor's best interest.

     ACCORDINGLY, in consideration of the loans and other financial
accommodations that have been made and may hereafter be made by the Lender for
the benefit of the Borrower, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Subordinated
Creditor hereby agrees as follows:

     1. Definitions. As used herein, the following terms have the meanings set
forth below:

          "BORROWER DEFAULT" means a Default or Event of Default as defined in
     the Loan Documents.

          "JOHNSON CAMP MINE" shall have the same definition ascribed to this
     term in the Deed of Trust, Assignment of Rents, and Security Agreement,
     dated November __, 2005.

          "LENDER INDEBTEDNESS" means each and every debt, liability and
     obligation of every type and description which the Borrower may now or at
     any time hereafter owe to the Lender in connection with the Loan Agreement
     and any agreements of the

<PAGE>

     Lender and Borrower, whether such debt, liability or obligation now exists
     or is hereafter created or incurred, and whether it is or may be direct or
     indirect, due or to become due, absolute or contingent, primary or
     secondary, liquidated or unliquidated, or joint, several or joint and
     several, all interest thereon, all renewals, extensions and modifications
     thereof and any notes issued in whole or partial substitution therefor.

          "LOAN AGREEMENT" shall mean the Secured Promissory Note, dated
     November ___, 2005, by and between the Borrower and the Lender, as the same
     may hereafter be amended, supplemented or restated from time to time.

          "LOAN DOCUMENTS" shall have the same definition ascribed to this term
     in the Loan Agreement.

          "SUBORDINATED INDEBTEDNESS" means all obligations arising under the
     Subordinated Note and each and every other debt, liability and obligation
     of every type and description which the Borrower may now or at any time
     hereafter owe to the Subordinated Creditor, whether such debt, liability or
     obligation now exists or is hereafter created or incurred, and whether it
     is or may be direct or indirect, due or to become due, absolute or
     contingent, primary or secondary, liquidated or unliquidated, or joint,
     several or joint and several.

          "SUBORDINATED NOTE" means the Borrower's Promissory Note, dated as of
     July 1, 2005, payable to the order of the Subordinated Creditor in the
     original principal amount of $600,000 together with all renewals,
     extensions and modifications thereof and any note or notes issued in
     substitution therefor.

     2. Subordination. The payment of all of the Subordinated Indebtedness is
hereby expressly subordinated to the extent and in the manner hereinafter set
forth to the payment in full of the Lender Indebtedness; and regardless of any
priority otherwise available to the Subordinated Creditor by law or by
agreement, the Lender shall hold a first security interest in all collateral
securing payment of the Lender Indebtedness (the "COLLATERAL"), and any security
interest claimed therein (including any proceeds thereof) by the Subordinated
Creditor shall be and remain fully subordinate for all purposes to the security
interest of the Lender therein for all purposes whatsoever.

     3. Payments. Until all of the Lender Indebtedness has been paid in full,
the Subordinated Creditor shall not, without the Lender's prior written consent,
demand, receive or accept any principal from the Borrower in respect of the
Subordinated Indebtedness, or exercise any right of or permit any setoff in
respect of the Subordinated Indebtedness; provided, however that Subordinated
Creditor may receive or accept only those principal payments from Borrower that
are made immediately after Lender is repaid in full,

                                       -2-

<PAGE>

Subordinated Creditor hereby expressly agreeing to extend the maturity date of
the Subordinated Note accordingly, provided further, that Subordinated Creditor
may accept payment of reasonable salaries and bonuses to the extent that the
payment thereof does not cause a Borrower Default to occur, except that no
deferred salary or bonus shall be paid if a Borrower Default has occurred.

     4. Interest Payments. The Subordinated Creditor may receive and accept
interest payments in accordance with the terms of the Subordinated Note, from
the Borrower in respect of the Subordinated Indebtedness so long as no Borrower
Default exists or will occur as a result of or immediately following such
interest payment.

     5. Receipt of Prohibited Payments. If the Subordinated Creditor receives
any payment on the Subordinated Indebtedness that the Subordinated Creditor is
not entitled to receive under the provisions of this Agreement, the Subordinated
Creditor will hold the amount so received in trust for the Lender and will
forthwith turn over such payment to the Lender in the form received (except for
the endorsement of the Subordinated Creditor where necessary) for application to
then-existing Lender Indebtedness (whether or not due), in such manner of
application as the Lender may deem appropriate. If the Subordinated Creditor
exercises any right of setoff that the Subordinated Creditor is not permitted to
exercise under the provisions of this Agreement, the Subordinated Creditor will
promptly pay over to the Lender, in immediately available funds, an amount equal
to the amount of the claims or obligations offset. If the Subordinated Creditor
fails to make any endorsement required under this Agreement, the Lender, or any
of its officers or employees or agents on behalf of the Lender, is hereby
irrevocably appointed as the attorney-in-fact (which appointment is coupled with
an interest) for the Subordinated Creditor to make such endorsement in the
Subordinated Creditor's name.

     6. Action on Subordinated Debt. The Subordinated Creditor will not commence
any action or proceeding against the Borrower to recover all or any part of the
Subordinated Indebtedness, or join with any creditor (unless the Lender shall so
join) in bringing any proceeding against the Borrower under any bankruptcy,
reorganization, readjustment of debt, arrangement of debt, receivership,
liquidation or insolvency law or statute of the federal or any state government,
or take possession of, sell, or dispose of any Collateral, or exercise or
enforce any right or remedy available to the Subordinated Creditor with respect
to any such Collateral, unless and until the Lender Indebtedness has been paid
in full.

     7. Action Concerning Collateral.

          (a) Notwithstanding any security interest now held or hereafter
     acquired by the Subordinated Creditor, the Lender may take possession of,
     sell, dispose of, and otherwise deal with all or any part of the
     Collateral, and may enforce any right or

                                       -3-

<PAGE>

     remedy available to it with respect to the Collateral, all without notice
     to or consent of the Subordinated Creditor except as specifically required
     by applicable law.

          (b) In addition, and without limiting the generality of the foregoing,
     if a Borrower Default has occurred and is continuing and the Borrower
     intends to sell any Collateral to an unrelated third party outside the
     ordinary course of business, the Subordinated Creditor shall, upon the
     Lender's request, execute and deliver to such purchaser such instruments as
     may reasonably be necessary to terminate and release any security interest
     or lien the Subordinated Creditor has in the Collateral to be sold.

          (c) The Lender shall have no duty to preserve, protect, care for,
     insure, take possession of, collect, dispose of, or otherwise realize upon
     any of the Collateral, and in no event shall the Lender be deemed the
     Subordinated Creditor's agent with respect to the Collateral. All proceeds
     received by the Lender with respect to any Collateral may be applied,
     first, to pay or reimburse the Lender for all costs and expenses (including
     reasonable attorneys' fees) incurred by the Lender in connection with the
     collection of such proceeds, and, second, to any indebtedness secured by
     the Lender's security interest in that Collateral in any order that it may
     choose.

     8. Bankruptcy and Insolvency. In the event of any receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization or
arrangement with creditors, whether or not pursuant to bankruptcy law, the sale
of all or substantially all of the assets of the Borrower, dissolution,
liquidation or any other marshalling of the assets or liabilities of the
Borrower, the Subordinated Creditor will file all claims, proofs of claim or
other instruments of similar character necessary to enforce the obligations of
the Borrower in respect of the Subordinated Indebtedness and will hold in trust
for the Lender and promptly pay over to the Lender in the form received (except
for the endorsement of the Subordinated Creditor where necessary) for
application to the then-existing Lender Indebtedness, any and all moneys,
dividends or other assets received in any such proceedings on account of the
Subordinated Indebtedness, unless and until the Lender Indebtedness has been
paid in full. If the Subordinated Creditor shall fail to take any such action,
the Lender, as attorney-in-fact for the Subordinated Creditor, may take such
action on the Subordinated Creditor's behalf. The Subordinated Creditor hereby
irrevocably appoints the Lender, or any of its officers or employees on behalf
of the Lender, as the attorney-in-fact for the Subordinated Creditor (which
appointment is coupled with an interest) with the power but not the duty to
demand, sue for, collect and receive any and all such moneys, dividends or other
assets and give acquittance therefor and to file any claim, proof of claim or
other instrument of similar character, to vote claims comprising Subordinated
Indebtedness to accept or reject any plan of partial or complete liquidation,
reorganization, arrangement, composition or extension and to take such other
action in the Lender's own name or in the name of the Subordinated Creditor as
the Lender may deem necessary or advisable for the enforcement of the

                                       -4-

<PAGE>

agreements contained herein; and the Subordinated Creditor will execute and
deliver to the Lender such other and further powers-of-attorney or instruments
as the Lender may request in order to accomplish the foregoing.

     9. Restrictive Legend; Transfer of Subordinated Indebtedness. The
Subordinated Creditor will cause the Subordinated Note and all other notes,
bonds, debentures or other instruments evidencing the Subordinated Indebtedness
or any part thereof to contain a specific statement thereon to the effect that
the indebtedness thereby evidenced is subject to the provisions of this
Agreement, and the Subordinated Creditor will mark its books conspicuously to
evidence the subordination effected hereby. Attached hereto is a true and
correct copy of the Subordinated Note bearing such legend. At the request of the
Lender, the Subordinated Creditor shall deposit with the Lender the Subordinated
Note and all of the other notes, bonds, debentures or other instruments
evidencing the Subordinated Indebtedness, which notes, bonds, debentures or
other instruments may be held by the Lender so long as any Lender Indebtedness
remains outstanding. The Subordinated Creditor is the lawful holder of the
Subordinated Note and has not transferred any interest therein to any other
person. Without the prior written consent of the Lender, the Subordinated
Creditor will not assign, transfer or pledge to any other person any of the
Subordinated Indebtedness or agree to a discharge or forgiveness of the same so
long as there remains outstanding any of the Lender Indebtedness.

     10. Continuing Effect. For so long as there are any sums due and owing
under the Lender Indebtedness, this Agreement shall constitute a continuing
agreement of subordination, and the Lender may, without notice to or consent by
the Subordinated Creditor, modify any term of the Lender Indebtedness in
reliance upon this Agreement. Without limiting the generality of the foregoing,
the Lender may, at any time and from time to time, either before or after
receipt of any such notice of revocation, without the consent of or notice to
the Subordinated Creditor and without incurring responsibility to the
Subordinated Creditor or impairing or releasing any of the Lender's rights or
any of the Subordinated Creditor's obligations hereunder:

          (a) change the interest rate or change the amount of payment or extend
     the time for payment or renew or otherwise alter the terms of any Lender
     Indebtedness or any instrument evidencing the same in any manner;

          (b) sell, exchange, release or otherwise deal with any property at any
     time securing payment of the Lender Indebtedness or any part thereof;

          (c) release anyone liable in any manner for the payment or collection
     of the Lender Indebtedness or any part thereof;

                                       -5-

<PAGE>

          (d) exercise or refrain from exercising any right against the Borrower
     or any other person (including the Subordinated Creditor); and

          (e) apply any sums received by the Lender, by whomsoever paid and
     however realized, to the Lender Indebtedness in such manner as the Lender
     shall deem appropriate.

     11. No Commitment. None of the provisions of this Agreement shall be deemed
or construed to constitute or imply any commitment or obligation on the part of
the Lender to make any future loans or other extensions of credit or financial
accommodations to the Borrower.

     12. Notice. All notices and other communications hereunder shall be in
writing and shall be (i) personally delivered, (ii) transmitted by registered
mail, postage prepaid, or (iii) transmitted by telecopy, in each case addressed
to the party to whom notice is being given at its address as set forth below:

          If to the Lender:

          Nedbank Limited
          1st Floor, Old Mutual Place
          2 Lambeth Hill
          London EC4 4GG
          Attn: Kevin Ryder
          Telecopier: 020-7002-3404

          And a copy (which shall not constitute notice) to:

          Fennemore Craig, P.C.
          3003 North Central Avenue, Suite 2600
          Phoenix, Arizona 85012
          Attn: Sarah A. Strunk, Esq.
          Telecopier: (602) 916-5327

          If to the Subordinated Creditor:

          Ronald A. Hirsch
          668 North Coast Highway, #171
          Laguna Beach, CA 92651
          Facsimile: (949) 715-6746

                                       -6-

<PAGE>

          And

          Stephen D. Seymour
          1308 Wine Spring Lane
          Baltimore, Maryland 21204
          Facsimile: (410) 369-6601

          or at such other address as may hereafter be designated in writing by
     that party. All such notices or other communications shall be deemed to
     have been given on (i) the date received if delivered personally, (ii) the
     date of posting if delivered by mail, or (iii) the date of transmission if
     delivered by telecopy.

     13. Conflict in Agreements. If the subordination provisions of any
instrument evidencing Subordinated Indebtedness conflict with the terms of this
Agreement, the terms of this Agreement shall govern the relationship between the
Lender and the Subordinated Creditor.

     14. No Waiver. No waiver shall be deemed to be made by the Lender of any of
its rights hereunder unless the same shall be in writing signed on behalf of the
Lender, and each such waiver, if any, shall be a waiver only with respect to the
specific matter or matters to which the waiver relates and shall in no way
impair the rights of the Lender or the obligations of the Subordinated Creditor
to the Lender in any other respect at any time.

     15. Binding Effect; Acceptance. This Agreement shall be binding upon the
Subordinated Creditor and the Subordinated Creditor's heirs, legal
representatives, successors and assigns and shall inure to the benefit of the
Lender and its participants, successors and assigns irrespective of whether this
or any similar agreement is executed by any other Subordinated Creditor of the
Borrower. Notice of acceptance by the Lender of this Agreement or of reliance by
the Lender upon this Agreement is hereby waived by the Subordinated Creditor.

     16. Miscellaneous. The paragraph headings herein are included for
convenience of reference only and shall not constitute a part of this Agreement
for any other purpose. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

     17. Governing Law; Consent to Jurisdiction and Venue; Waiver of Jury Trial.
This Agreement shall be governed by and construed in accordance with the
substantive laws (other than conflict laws) of the State of Arizona. Each party
consents to the personal jurisdiction of the state and federal courts located in
the State of Arizona in connection with

                                       -7-

<PAGE>

any controversy related to this Agreement, waives any argument that venue in any
such forum is not convenient, and agrees that any litigation initiated by any of
them in connection with this Agreement shall be venued in either the Superior
Court of Maricopa County, Arizona or the United States District Court, District
of Arizona. THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED ON OR PERTAINING TO THIS ACKNOWLEDGMENT.

     18. Counterparts. This Agreement may be executed in one or more
counterparts, and by different parties on different counterparts. This Agreement
shall be effective and binding once one or more counterparts hereof are executed
by each party hereto. All counterparts of this Agreement shall be deemed to
constitute one and the same Agreement.

     IN WITNESS WHEREOF, the Subordinated Creditor has executed this Agreement
as of the date and year first above-written.

                                        /s/ Ronald A. Hirsch
                                        ----------------------------------------
                                        Ronald A. Hirsch

                                        /s/ Stephen D. Seymour
                                        ----------------------------------------
                                        Stephen D. Seymour

                                       -8-

<PAGE>

                           Acknowledgment by Borrower

     The undersigned, being the Borrower referred to in the foregoing Agreement,
hereby (i) acknowledges receipt of a copy thereof, (ii) agrees to all of the
terms and provisions thereof, (iii) agrees to and with the Lender that it shall
make no payment on the Subordinated Indebtedness that the Subordinated Creditor
would not be entitled to receive under the provisions of the Agreement, (iv)
agrees that any such payment will constitute a default under the Lender
Indebtedness, and (v) agrees to mark its books conspicuously to evidence the
subordination of the Subordinated Indebtedness effected hereby.

                                        NORD RESOURCES CORPORATION

                                        By: /s/ Erland Anderson
                                            ------------------------------------
                                        Its: President

                                       -9-

<PAGE>

                                    EXHIBIT A

             Attach copy of Subordinated Note with following legend

     THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT BY
RONALD A. HISRCH AND STEPHEN D. SEYMOUR IN FAVOR OF NEDBANK LIMITED DATED AS OF
NOVEMBER 8, 2005.

                                      -10-

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