Orion Minerals secures watershed financing and offtake agreement with Glencore

MINING exploration company Orion Minerals' share price leapt over 21% after it announced a financing agreement for up to R4.35 billion, along with an offtake agreement, with global commodity giant Glencore.

- EDWARD WEST

"This is a watershed moment for Orion, with the proposed Glencore funding enabling the company to transition into a producer. I am pleased that an industry major such as Glencore will be working with us to move to a binding agreement over the next four to six weeks," said Orion's MD and CEO Tony Lennox.

The share price gain of the mining exploration company, which focuses on copper and zinc in South Africa and Australia, rose to 23 cents, representing a rebound after the price had declined steadily from 20 cents a year ago to as low as 12 cents a share last month.