OZ Minerals chief executive Andrew Cole said the company was pleased to now have 100% ownership of the West Musgrave Project.
He said: “I would like to thank both the board of Cassini and their shareholders for their support for this transaction.
“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).
“We look forward to building on the progress achieved to date.”
The new OZ Minerals shares issued to Cassini shareholders are expected to begin trading on ASX on October 6, 2020.
Implementation of acquisition scheme
The company has implemented the acquisition scheme of arrangement under which OZ Minerals acquired all of the issued share capital of Cassini following implementation of the Demerger Scheme of Arrangement on October 2, 2020.
Implementation of the acquisition scheme follows Cassini receiving orders from the Supreme Court of Western Australia approving the acquisition scheme on September 23, 2020.
“Consolidation our ownership position”
Cole said: “Consolidating our 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.
“The PFS released in February 2020 showed 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.
“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.”