Orion Minerals Ltd (ASX:ORN) (JSE:ORN) has appointed Endeavour Financial, a leading financial advisor in the mining sector, to assist in the evaluation of funding options for Orion’s Prieska Zinc-Copper Project in South Africa.
Earlier this month, Orion revealed an upgraded total resource of 30.49 million tonnes grading 3.7% zinc and 1.2% copper for the Prieska project.
The bankable feasibility study (BFS), which will incorporate the new resource, is on track for completion in Q2 2019.
Orion plans to advance Prieska at the earliest opportunity in order to realise the project’s significant potential.
Optimised funding strategy
Endeavour Financial has extensive experience in assisting companies to structure project funding solutions across diverse commodities, geographies and sources of financing and has a proven track record in successfully financing projects in sub-Saharan Africa.
The funding options analysis to be undertaken by Endeavour will assist Orion to develop an optimised funding strategy for the Prieska Project.
Orion chairman Denis Waddell said: “We look forward to working with the Endeavour Financial team to evaluate and put in place debt financing for the development of the Prieska Zinc-Copper Project.
“We will be considering various funding sources and will work to have project financing in place to move forward with a project development decision in Q3 2019.
“Our focus is on bringing the 2.4 million tonnes per annum Prieska Project into production as quickly as possible, based broadly on the parameters outlined in the positive Scoping Study released in December 2018.
“The BFS is well advanced and on track to be completed in Q2 2019.”