Orion Gold has announced that it has secured the necessary funding for the proposed acquisition of Agama Exploration & Mining.

The purchase consideration for the acquisition is ZAR53m ($4.17m), which includes ZAR31.5m ($2.4m) of cash payment and the remainder being from Orion’s shares.

Orion will also settle all existing shareholder loans amounting to approximately ZAR33.3m ($2.62m) for the target company.

The acquisition is expected to be complete before the end of this month.

"Orion will also settle all existing shareholder loans amounting to approximately $2.62m."

Anil Agarwal of Vedanta Resources plans to acquire a £2bn ($2.5bn) stake in South Africa-based mining company Anglo American through his family trust, Valcon Investments.

Upon completion of the acquisition, Anil Agarwal will become the second biggest shareholder in Anglo American, after South Africa’s Public Investment.

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The target company owns copper mines in Chile, iron ore operations in Brazil and South Africa, and the diamond exploration, mining and marketing company, De Beers.