Orion Minerals said yesterday that its R370 million funding from the Industrial Development Corporation of South Africa (IDC) and Triple Flag for its Prieska Copper-Zinc Project in the Northern Cape had now been finalised, materially clearing the way for drawdown to occur.
Orion’s managing director and CEO, Errol Smart, said: “This marks another significant milestone as we systematically check the boxes towards the development of our two key base metal hubs in South Africa’s Northern Cape.”
He said this would allow the firm to accelerate pre-development mine works, including trial mining in the upper levels of the mine and construction and commissioning of mine dewatering installations.
“In combination, this multifaceted funding package puts Orion in a very strong position to execute our development strategy and prepare the company to make the transition to the developer and ultimately an operating mining company, ” Smart said.
BUSINESS REPORT