Orion Minerals says all the relevant parties, other than the Industrial Development Corporation of South Africa (IDC), which is in the process of finalising internal approval, have signed addenda to the agreements under which it will acquire the controlling interest in the Okiep Copper Project (OCP) in the Northern Cape Province of South Africa.
Once the IDC has obtained all of its required internal approvals and signed the addenda relating to the sale assets held by Southern African Tantalum Mining (SAFTA), Orion will proceed to submit the final application for regulatory approval in respect of the first phase of the SAFTA transactions and, upon receiving such regulatory approval, implement the same.
“We are extremely pleased that we have finally received confirmation that the majority of the outstanding conditions have been fulfilled for the acquisition of the Okiep mineral rights first announced on 2 February 2021,” said Orion chief executive Errol Smart.
He said although they have been able to continue operating on the properties and progressing the projects, they have moved to finalise the Flat Mines bankable feasibility study on the New Okiep Mining (NOM) mining right.
“We are now only awaiting the approval of the water use licence before the project is fully permitted, allowing us to commence mine development,” said Smart.
“The timing is therefore opportune to complete the acquisition of the Mining Right before progressing the funding of the mine.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
