OZ Minerals has completed a $76 million acquisition of Cassini Resources, giving the company full ownership of the West Musgrave nickel-copper project in Western Australia.
OZ Minerals previously owned 70 per cent of the project, which Cassini acquired from BHP in 2014.
OZ Minerals chief executive Andrew Cole said the West Musgrave project boasted a 26-year mine life and low-carbon footprint.
“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),” 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.
“… We are focussed on a smooth and efficient integration in the immediate term and will update the market during this quarter on next steps for the project.”
OZ Minerals received an approval to acquire Cassini from the Supreme Court of Western Australia two weeks ago.
All Cassini shares have been transferred to OZ Minerals, with the former to be delisted from the Australian Securities Exchange (ASX) shortly.
The West Musgrave project has three nickel and copper sulphide deposits.