Orion Minerals has finalised the acquisition of a controlling interest in the Okiep Copper Project in South Africa's Northern Cape, completing a transaction that began in 2021.
The company has settled the final acquisition consideration following receipt of exchange control approval from the South African Reserve Bank.
The remaining consideration comprised approximately R2.30 million (A$195,000) in cash and R12.44 million (A$1.05 million) to be satisfied through the issue of 71.91 million fully-paid ordinary Orion shares.
Orion entered into definitive agreements to acquire the mineral rights and associated assets from Southern African Tantalum Mining, Nababeep Copper Company, and Bulletrap Copper Company in August 2021. Settlement of the first phase was completed in May 2024.
The company's remaining commitment under the transaction is to undertake approximately R6.35 million (A$540 000) of exploration expenditure on the mineral projects by November 30, 2026.
Exploration and drilling programmes are currently underway across the project.
The remaining mineral rights relating to the BCC and NCC portions have now been granted by the South African Department of Mineral Resources and Petroleum.
They will be lodged for registration in the name of New Okiep Exploration in due course, it said.
Prospecting rights for the mineral project acquired from SAFTA remain subject to ongoing grant processes.
Company managing director and chief executive Tony Lennox described the settlement as an important milestone for Orion, noting the company is committed to completing the remaining exploration and drilling programs by the November 2026 deadline.
He said that the project's prospectivity has been further validated by Orion's selection for the 2026 BHP Xplor accelerator programme, announced in February.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
