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Orion Minerals welcomes South African institutional investor

Orion is progressing a bankable feasibility study (BFS) for its Prieska Zinc-Copper Project in South Africa.

shaking hands
The company is dual-listed in South Africa

Orion Minerals Ltd (ASX:ORN) has reached agreement with South African institutional investor, the Anglo American sefa Mining Fund (AASMF), resulting in it becoming a shareholder.

AASMF will redeem preference shares held in one of Orion’s key project subsidiaries for shares in Orion.

The value of the shares to be issued by Orion in consideration for the redemption will be between ZAR23.98 to ZAR24.99 million or about A$2.39 to A$2.50 million.

READ: Orion Minerals identifies new VMS style targets at world-class South African zinc-copper project

Orion’s managing director and CEO Errol Smart said: "AASMF’s original seed capital investment into Orion’s Repli subsidiary in 2015 was pivotal in helping to fund the early engineering work and to drill the first holes that demonstrated the huge potential of the Prieska deposit.

“This in turn assisted Orion in securing substantial foreign investment that has allowed us to advance the Prieska Project to the point where we have recently published a scoping study and updated mineral resource and are poised to deliver a comprehensive bankable feasibility study in Q2 2019.”

Quick facts: Orion Minerals Ltd

Price: 0.019 AUD

Market: ASX
Market Cap: $55.09 m

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BFS confirms 'quality and scale' of Orion Minerals' Prieska project

Orion Minerals Ltd's (ASX:ORN) Errol Smart talks Proactive London's Andrew Scott through the just-released BFS (Bankable Feasibility Study) on its Prieska Project in the Northern Cape region of South Africa. Smart's delighted with the results of it which he says confirm the project's...

on 24/6/19

2 min read