- OZ Minerals (OZL) has completed its purchase of Cassini Resources (CZI), which includes the West Musgrave Project in Western Australia
- In June, the company announced it was going to increase its interest in Cassani from 70 per cent to 100 per cent
- The Supreme Court of Western Australia approved the scheme, allowing the deal to go ahead
- The pre-feasibility study in February showed Musgrave to be a low cost, 26-year copper0nickel open pit project with a low carbon footprint
- On market close, OZ Minerals will be up 3.89 per cent and is trading for $13.90 per share
OZ Minerals (OZL) has completed its purchase of Cassini Resources (CZI), which includes the West Musgrave Project.
In June, the company announced it was going to increase its interest in Cassini from 70 per cent to 100 per cent.
The Supreme Court of Western Australia approved the scheme, allowing the deal to go ahead.
Additionally, Cassini will enter an inter-conditional demerger of its Yarawindah Brook and Mount Squires assets into a new company, Caspin Resources. After this, Caspin aims to apply for an ASX listing.
The West Musgrave project is located in the Musgrave Province of Western Australia.
OZ Minerals Chief Executive Andrew Cole is pleased to have full ownership of the Project.
“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),” he 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,” he added.
The PFS in February showed Musgrave to be a low cost, 26-year copper0nickel open pit project with a low carbon footprint.
On market close, OZ Minerals will be up 3.89 per cent and is trading for $13.90 per share.