Orion Minerals extends deadline for Jacomynspan buy
PERTH (miningweekly.com) – Copper developer Orion Minerals has extended the final completion deadline for its acquisition of the Jacomynspan nickel/copper/platinum group element project, in South Africa.
The company in 2017 entered into a binding earn-in to acquire rights over the Jacomynspan project from two companies which hold partly overlapping prospecting rights and a mining right.
In 2020, the ASX- and JSE-listed Orion entered into an agreement for the remaining shares in the two companies, in a bid to simplify the ownership and management structure of the Jacomynspan project. Orion noted on Friday that while some of the suspensive conditions to this transaction had been fulfilled, the sales agreement was still subject to a number of conditions, one of which was regulatory approvals for the deal before February 27 this year.
The parties have now extended the sales agreement from February 27 until the end of April, with Orion pledging to negotiate a potential transaction and to reach agreement on key commercial terms. Should this occur, the financial deadline will extend until the end of September.
The Jacomynspan project is 65 km north of Orion’s Prieska copper/zinc project, and hosts a mineral resource of 6.8-million tonnes, containing 39 000 t of nickel, 22 000 t of copper and 1 800 t of cobalt. The resource remains open along strike and down dip.
Orion is currently undertaking financing and pre-development activities at Prieska, and has previously told shareholders that it is evaluating opportunities for an early start at the project. The investigation into the early start is due for completion mid-year.
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