Orion Minerals has reached the final stages of its acquisition of a controlling interest in the Okiep Copper Project (OCP) in the Northern Cape Province of South Africa.
It said the Industrial Development Corporation of South Africa (IDC), which is a strategic funding partner in the OCP, has now obtained its internal approvals and counter-signed the addenda to the agreements under which Orion will acquire the controlling interest in the OCP.
Orion also said that all the supplementary conditions to implement the first phase of the Okiep transaction have been fulfilled.
“We are very pleased to have reached the final stages in our acquisition of a controlling interest in the Okiep Copper Project, which is a high-quality asset that forms an integral part of Orion’s growth pathway to become a significant new mid-tier ASX/JSE listed copper producer,” said company chief executive Errol Smart.
“Orion’s 641km2 package of mineral rights holdings in the Okiep copper district represents a highly strategic asset, located in the heart of a rich historic mining camp that produced over 2 million tonnes of contained copper under previous ownership, including Newmont and Goldfields.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
