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Orion completes OCC data buy

11th February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – South Africa-focused copper developer Orion Mining has issued more than 49.1-million shares, at a price of 3.4c each, as part of a data acquisition deal struck in 2021.

The ASX- and JSE-listed company last year secured an option to acquire the entire furnished head office and database of the O’Okiep Copper Company, in South Africa, for R25-million in cash and shares, allowing the company to fast-track exploration and evaluation of its Okiep copper complex (OCC).

The OCC transaction includes all historical mining and exploration records over the area, as well as historical due diligence reviews over much of the Northern Cape province, including Orion’s own Prieska copper/zinc mine and the Areachap Belt.

Orion on Friday said that the 49.1-million shares now issued were the final consideration payable to exercise the data option, with shareholder approval gained for the deal in November last year.

Along with the dataset, Orion would also be acquiring the original O’Okiep Copper Mines head office, which previously supported a team of 250 staff. Several accommodation units are also included in the option to purchase.

Edited by Creamer Media Reporter

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