Description of Activities

Description of transaction: The proposed transaction entails the acquisition of shares by Appian Omega Bidco Limited (“Appian Bidco”) in Craton Mining and Exploration (Pty) Ltd (“Craton”). Post-merger, Appian Bidco will establish direct control over Craton. 

Acquiring group: The primary acquiring undertaking is Appian Bidco, a company incorporated in the United Kingdom. The acquiring group is private equity funds that solely invest in mining or mining-related companies, assets, and management teams. In Namibia, the acquiring group controls the Rosh Pinah Zinc Corporation (Propriety) Limited (“RPZC”) and the Rosh Pinah Solar Park (Pty) Ltd (“RPSP”).  RPZC owns and operates a lead and zinc mine located in Rosh Pinah, Karas Region, Namibia. RPSP also owns a solar plant in Rosh Pinah.

Target undertaking: The primary target undertaking, Craton, is a Namibian company that was established for the purposes of developing the Omitiomire Copper Project, situated approximately 140 km northeast of Windhoek, Namibia. The project is, however, not yet in production. 

Relevant market: The merging parties define the relevant product market as the production or sales of copper concentrates in Namibia.

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