JSE- and ASX-listed Orion Minerals expects to finalise the settlement of the remaining R14.74-million consideration for the acquisition of a controlling interest in the Okiep copper project (OCP), in the Northern Cape, by March 19.

The consideration comprises R2.3-million in cash and R12.44-million in shares.

The settlement follows after the final suspensive conditions for the transaction, including receipt of exchange control approval from the Foreign Surveillance Department of the South African Reserve Bank, were met.

Orion in 2021 entered into definitive agreements to acquire the mineral rights and associated assets held by Southern African Tantalum Mining (Safta), Nababeep Copper Company (NCC) and Bulletrap Copper (BCC) through its subsidiary companies, New Okiep Mining Company and New Okiep Exploration Company.

Settlement of the R46-million cash-and-share consideration for the first phase of the OCP transaction was completed in May 2024.

“Settlement of the final acquisition consideration is an important milestone for Orion, bringing to completion a transaction that commenced in 2021. We are committed to completing the remaining exploration and drilling programmes by November and are highly encouraged by the significant exploration potential across the Okiep district,” says Orion MD and CEO Tony Lennox.

He highlights that this prospectivity has been further validated by Orion’s selection for the 2026 BHP Xplor accelerator programme, as announced last month.

Meanwhile, in addition to the final settlement amount, Orion’s remaining commitment under the OCP transaction is to undertake about R6.35-million of exploration expenditure on the mineral projects acquired from BCC and NCC by November 30.

Exploration and drilling programmes are under way.

The remaining mineral rights relating to the BCC and NCC portions of the transaction have now been granted by South Africa’s Department of Mineral and Petroleum Resources and will be lodged for registration in the name of New Okiep Exploration in due course.

The remaining prospecting rights in respect of the mineral project acquired from Safta remain subject to ongoing grant processes.