The suspensive conditions to transactions between ASX- and JSE-listed Orion Minerals’ New Okiep Exploration Company (NOE) and New Okiep Mining Company (NOM) and historically disadvantaged South Africans (HDSAs), have been met, allowing for the black economic empowerment (BEE) deals to be concluded.

The suspensive conditions included approval from the South African Takeover Regulation Panel.

The closing date for the transactions will be February 3.

Orion says this important milestone will allow NOM to move seamlessly into the project financing phase, following the completion and approval of the NOM feasibility study by the partners, including the Industrial Development Corporation of South Africa (IDC) and Landmark Capital.

The work on the NOM definitive feasibility study (DFS) for the Flat Mines project, the first mine that Orion intends to develop at the Okiep Copper Project (OCP), is nearing completion and external review by independent technical experts Practara Metals and Mining Advisory has begun.

Once the DFS report is completed to the satisfaction of Practara, Orion notes, the DFS will be considered and approved by the partners of the project. The approved outcomes of the DFS are expected to be released in February.

The DFS for the Prieska copper/zinc mine (PCZM), which is also well advanced, will follow a similar approval process.

Orion explains that the study is also currently being independently reviewed by Practara and will then move to review and approval from the partners including the IDC, Prieska Resources and Triple Flag Precious Metals Corp.

The outcomes of the PCZM DFS are expected to be released before the end of the March quarter.

Although the investment in additional experts to assist the feasibility project team and the allowance for additional time to complete detailed scheduling and planning has added to the overall study timeline, Orion says such measures are yielding pleasing outcomes with enhanced project metrics.

"We are pleased to have the HDSA transactions for NOE and NOM unconditional. This will allow us to easily move into the financing phase of the project once the DFS has been completed and approved,” says Orion MD and CEO Errol Smart.

"While both studies have taken longer than expected, we believe the additional work and the intensive review process currently under way will result in more robust project studies that will assist in project funding from debt and equity sources, as well as offtake-related funding,” he continues.

"We are pleased with progress made thus far in the development of NOM and PCZM. These projects affirm the IDC's commitment to its Critical Minerals Game Plan. Most important, the socioeconomic spinoffs that will result from these projects, including creation of job opportunities, bode well for the Northern Cape province,” says IDC interim CEO David Jarvis.