Midas Minerals (ASX:MM1) said the key condition precedent in its acquisition of the Otavi copper project in Namibia was completed after the Ministry of Mines and Energy approved and effected the transfer of the 10 project licenses from the seller to the target entity, Otjitombo Mining, according to a Thursday Australian bourse filing.

The final approval required is the Namibian Competition Commission's consideration of the acquisition. After this, Otjitombo shares can be transferred to Midas' Namibian subsidiary upon completion.

The firm plans to begin drilling at Otavi in the December quarter, subject to completion of the acquisition.