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On a quiet day for corporate news, junior miner Orion spoke about the acquisition of the promising Okiep copper project in the Northern Cape. Affordable housing developer Calgro M3 said it was doing well in a challenging environment, and Eastplats reported a profit recovery. In international news, Nippon Steel has received approval in the EU for its proposed takeover of US Steel, but it is likely to face an even tougher battle in Washington.
Orion Minerals, a young miner and copper project developer in the Northern Cape; announced on Monday that all conditions have been met to complete the acquisition of a controlling interest in the Okiep Copper Project, with initial completion scheduled for May 7. This includes regulatory approvals and approvals received from our strategic funding partner, Industrial Development Corporation (IDC). IDC has approved additional funding of R43.75 million to fund a proportionate portion of ongoing drilling and operating costs at OCP. The company said the Okiep region is currently undergoing a major recovery on the back of soaring copper prices, which soared in April after reporting high-grade results in one of its tests. Orion, valued at around R1.2bn on the JSE, was still down 4% on Monday despite rising nearly 30% year-to-date.
Affordable housing developer Calgro M3 Comprehensive profit for the year to the end of February is expected to increase by 20.2% to 27.7%. The company said this was achieved in a challenging market and underlines its “deep understanding” of the markets it serves and its prioritization of long-term sustainability and market share growth. Stated. We also realized opportunities in our existing pipeline while deploying them in a controlled yet adaptable manner. Calgro, which is valued at more than R700 million on the JSE, also has a memorial parks business and announced on Monday that this part of the business had reached its highest cash return since the division was established in 2017. Calgro closed around 3% lower, but has still nearly doubled over the past year.
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