OZ Minerals acquires option over Havilah Resources’ Kalkaroo Project and initiates strategic alliance

3 August 2022

News

Thomson Geer advised ASX-listed Australian minerals explorer, Havilah Resources Limited (ASX:HAV) on the proposed acquisition of its Kalkaroo Project by Oz Minerals.

Havilah has granted OZ Minerals an option to acquire its Kalkaroo Project in the Curnamona Province of north-eastern South Australia.

If the option is exercised, OZ Minerals will acquire the Kalkaroo Project for an upfront consideration of $205 million. Subject to the achievement of certain milestones, additional contingency payments of up to $200 million may also be payable to Havilah.

Havilah and OZ Minerals have also entered into a strategic alliance to explore for copper in Havilah’s extensive prospective tenement holding in the Curnamona Province of South Australia.

Under the strategic alliance, OZ Minerals will commit funding of up to $18 million to Havilah during the alliance period, at least half of which must be directed towards exploration for new copper deposits.

The Thomson Geer team was led by Partners Scott Gibson and Hedley Roost, and included lawyer Kajal Parmar.

The team advised on all aspects of the transaction, including negotiating and drafting the terms sheet and transaction documents and advising on various regulatory matters.