Orion Minerals Secures R167m for Northern Cape Copper-Zinc Project

South Africa: Orion Minerals, a global metal exploration and development company, has received a significant funding boost for its Prieska Copper-Zinc Project located in South Africa. The company is dedicated to becoming a new generation base metals producer. Its primary focus lies in developing the Prieska Copper-Zinc Project, considered as its flagship project, and the Okiep Copper Project, both situated in South Africa's Northern Cape region. The company is making steady progress towards achieving this goal.

The company has entered a R250 million (A$22 million) funding package with the Industrial Development Corporation of South Africa, which will allow Orion to carry out demonstration trial mining and commence dewatering from underground mine workings. This funding deal comes on the heels of another announcement earlier this year when Orion secured $21 million in financing to advance the development of the Prieska Copper-Zinc Mine.

Orion Minerals has recently requested R167m for developing their Copper-Zinc project in the Northern Cape. The company is seeking funding for its flagship Prieska Copper-Zinc Project, which is in the Northern Cape Province of South Africa. Orion has been working on this project for the last six years, aiming to establish itself as a producer of base metals. The company has recently obtained funding worth US$87 million to accelerate the progress of the Prieska Copper-Zinc mine in South Africa.

The world shifts away from fossil fuels that harm the climate, the demand for Copper is predicted to soar in the upcoming years. Orion has adopted a multi-faceted financing plan worth R370m (A$30m), which includes pacts with IDC and Triple Flag. The financing will enable Orion to commence ore trial mining and processing, as well as conclude feasibility studies. Orion CEO Errol Smart, expressed contentment with the funding, stating that it positions Orion favourably to execute its development strategy and evolve into an operating mining company.

Orion, has received significant funding and support for their Prieska and Okiep Copper Project. The state-owned IDC provided a loan of R250m in October for early mining works and predevelopment at Prieska. In addition, the IDC agreed to give R34.5m in exchange for a 43.75% share in the New Okiep Mining Company. Canadian company Triple Flag contributed $87m to support early production at Prieska. Orion also raised A$13m through a share placement, leading to investment from privately owned mining group Clover Alloys. Orion states that Clover Alloys' expertise will be valuable in the development of Prieska and Okiep. Long-term shareholders, Delphi Group and Tembo Capital Mining Fund, also participated in the recent placement.