Discovery Metals unsolicited bidder Cathay Fortune Investments has received the green signal from the Botswana competition authority.
The Botswana Competition Authority earlier this month authorised the proposed acquisition on the grounds that there were no substantive competition concerns in the copper and silver mining industry in Botswana.
It ruled that the transaction is not likely to result in substantial lessening of competition, or likelihood of dominance or have any negative effect on public benefits.
Discovery is subject to an unsolicited takeover offer from Hong Kong based Cathay Fortune Investments, under which the target shareholders have been made a cash offer of AUD 1.70 per share.
Discovery board has recommended that shareholders reject the offer.
Discovery is focused on the emerging Kalahari copper belt in the north-west Botswana and is the producer at its 100% owned Boseto copper project.
The Kalahari copper belt sediment hosted mineralisation of the Boseto copper project is similar in style to the well known and large deposits of the central African copper belt of Zambia and the Democratic Republic of Congo.
The company has prospecting licences covering 11,872 square kilometres along the Kalahari copperbelt.
