Cassini Resources shareholders have approved OZ Minerals’ bid to acquire the company three months after the deal was announced.
OZ Minerals already owns 70 per cent of Cassini’s West Musgrave nickel-copper project in Western Australia, but the proposed $76 million acquisition will give the buyer 100 per cent project ownership.
Cassini will now seek an approval from the Supreme Court of Western Australia ahead of the expected completion of the takeover early next month.
The West Musgrave project was acquired from BHP in 2014 and hosts three nickel and copper sulphide deposits.
OZ Minerals chief executive Andrew Cole said in June that it was a promising project with strong sustainability credentials, with its mined copper and nickel being critical inputs for the renewable economy.
“We are also pleased to welcome Cassini shareholders on to OZ Minerals’ register to continue to benefit from further progress at West Musgrave which complements our operations at Prominent Hill and Carrapateena in South Australia and the Carajás hub in Brazil,” he said.
Cassini also plans to demerge its subsidiary, Caspin Resources, setting its shareholders up to receive the immediate value of the West Musgrave project, as well as the Yarrawindah Brook and Mount Squires exploration assets.