OZ Minerals Limited has announced the implementation of the Acquisition Scheme of Arrangement under which OZ Minerals has acquired all of the issued share capital of Cassini Resources Limited following the implementation of the Demerger Scheme of Arrangement on 2 October 2020.
OZ Minerals Chief Executive Andrew Cole said the company is pleased to now have 100 per cent ownership of the West Musgrave Project, which is located in the Musgrave Province of Western Australia and includes the Nebo-Babel nickel-copper and Succoth copper deposits.
“Over the past four years we have built a strong partnership with the team at Cassini as we have progressed the project through Further Scoping Study and Pre-feasibility Study (PFS),” Mr Cole said. “We look forward to building on the progress achieved to date.”
He noted that consolidating the company’s ownership position in the West Musgrave Province, including surrounding tenements at One Tree Hill and Succoth, enables optionality regarding the optimal approach, timing and funding for the project.
In November 2017, together with Cassini, OZ Minerals announced that the West Musgrave project would progress to a PFS. The PFS timeline was extended in 2019 so a detailed evaluation of additional value-add opportunities could be achieved. The PFS, released in February 2020, detailed West Musgrave to be a low cost, long life (26 year), copper-nickel open pit project with a low carbon footprint.
“We are focused on a smooth and efficient integration in the immediate term and will update the market during this quarter on next steps for the project,” Mr Cole said.
“We look forward to welcoming Cassini shareholders to our register to continue to benefit from further progress at West Musgrave as well as our broader portfolio of producing and growth assets.”
New OZ Minerals shares issued to Cassini shareholders are expected to commence trading on ASX on 6 October 2020.
It is expected that Cassini shares will be delisted from ASX shortly.