Orion Minerals accelerates funding as it aims for copper production by 2026

NORTHERN Cape base metals developer, Orion Minerals, is now focused on project financing and concentrate offtake agreements following share placement and share purchase schemes this month as the company further develops its copper projects.

- TAWANDA KAROMBO

Orion's latest capital raise comprised of a placement of 289 million shares and an agreement to convert outstanding loan amounts to equity through the issue of 233 million shares for R67 million.

Additionally, the copper mine is undertaking a share purchase plan “to be offered to provide eligible shareholders with the opportunity to subscribe for as much as R355 000 in in new shares” to raise A$4 million.

The share purchase plan opened this month and will close next week. Funds raised from the share placement and share purchase plan “will be used principally to partially fund the development” of Orion’s Prieska Copper Zinc Mine.

This includes ongoing dewatering and site works for mine development optimisation studies and for general working capital purposes.