Orion Minerals locks in IDC funding
PERTH (Miningweekly.com) – Dual listed copper developer Orion Minerals has signed a definitive agreement for a R250-million convertible loan to advance the development of its Prieska copper/zinc mine, in South Africa.
The agreement was struck with the Industrial Development Corporation (IDC) of South Africa, under which the IDC would advance R250-million as a senior secured convertible loan facility to fund early works at Prieska.
“This is a hugely exciting time for Orion, with the company now entering the final stages of our early development studies and preparing for the imminent transition to development,” said MD and CEO Errol Smart.
“The combined pre-development funding being provided by Triple Flag and the IDC for Prieska now totals over R371-million. This will provide funding for Orion to carry out demonstration trial mining and allow dewatering to commence from underground mine workings. Both of these work streams are critical to our early works bankable feasibility study, which we expect to complete by mid-2023, and mark the official start of development at Prieska.”
Orion at the start of last year flagged early production from the Prieska project, re-scheduling openpit mining to occur concurrently with the 33-month development phase of the Prieska Deeps mine, rather than at the end of the project life. This would allow Orion to capitalise on the near-term base metals market.
First drawdown from the IDC convertible loan and the A$10-million Triple Flag funding are expected in the first quarter of this year.
Comments
Research Reports
Latest Multimedia
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
