Orion Progresses the Acquisition of the Okiep Copper Project

Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that it has taken another key step in its strategy to become a leading diversified international base metals producer.

After it and all the relevant parties, other than the Industrial Development Corporation of South Africa Ltd (IDC) (which is in the process of finalising internal approval), have signed addenda to the agreements under which Orion will acquire the controlling interest in the Okiep Copper Project (OCP), located approximately 570km north of Cape Town in the Northern Cape Province of South Africa.

Acquisition agreements are being signed to allow closing in several stages as and when the outstanding conditions precedent are met.

The remaining total aggregate purchase consideration of approximately ZAR59.60M payable by Orion, in combination of cash and issue of Orion Shares remains unchanged, with CPI adjustment for deferred phases of consideration also payable.

The first Phase settlement, being ZAR10.86M cash and ZAR35.10M in Orion Shares, will be completed immediately following South African Exchange Control Approval.

The initial consideration includes the important SAFTA Mining Right which was transferred to the ownership of NOM in December 2023.

 

 

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