Midas Minerals (ASX:MM1) has obtained approval from the Namibian Ministry of Mines and Energy to transfer 10 Otavi Project licences to privately held Otjitombo Mining as a part of its acquisition of the Otavi Project in Namibia.
The Namibian Competition Commission (NCC) now holds the final consideration of the acquisition process to transfer the target entity shares.
Midas will raise $3.5 million as the final condition to this acquisition, ahead of Otjitombo issuing shares to Midas’ subsidiary.
Managing Director Mark Calderwood says the transfer of licences is a key approval hurdle for the overall acquisition.
“The NCC process is considered to be largely procedural given the nature of the transaction and the industry,” Calderwood says.
“We look forward to completing the third-party approval process and then pushing on quickly to completion of the acquisition of the Otavi Project to allow commencement of drilling, anticipated to occur in Q4.”
In the meantime, Midas intends to commence a drilling campaign at the South Otavi Project next month.
Midas Minerals is a junior explorer focused on developing copper and previous metals assets in Western Australia and Canada.
Write to Maddison Elliott at Mining.com.au
Images: Midas Minerals
