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Orion Minerals Ltd

Orion Minerals gains new substantial shareholder in Wyllie Group

The Perth-based investor holds more than 109.76 million shares for a 5.67% stake in the base metals developer.

Increasingly high stacks of coins
Orion’s key asset is the Prieska Zinc-Copper Project in South Africa

Orion Minerals Ltd (ASX:ORN) has a new substantial shareholder in Perth-based Wyllie Group Pty Ltd which holds a 5.67% stake.

Initial shareholder status was reached on April 23, 2019, with the purchase of 25 million securities with a value of $1 million.

Wyllie Group has made a series of purchases since August 3, 2018, and now holds more than 109.76 million shares.

READ: Orion Minerals restructures equity stakes ahead of BFS and financing milestones

Orion’s key asset is the Prieska Zinc-Copper Project in South Africa on the highly-prospective Areachap base metals minerals belt.

The project is located at the old Prieska copper mine which was discovered in 1968 and mined at a rate of about 250,000 tonnes a month from 1971 to 1991.

In January 2019 Orion upgraded its resource for the flagship project to 30.49 million tonnes grading 3.7% zinc and 1.2% copper for 1.1 million tonnes zinc and 361,000 tonnes copper.

A Prieska scoping study released in December 2018 confirmed a 10-year mine life for Prieska during phase I of development.

The company expects to deliver a funded bankable feasibility study (BFS) for the project later this quarter.

This study will include a number of innovative aspects, including a proposal to source power at the project from off-the-grid.

Orion significant shareholder and Australian Fraser Range project partner Independence Group NL (ASX:IGO) (FRA:IDZ) has first rights to pick up the smaller company’s nickel projects on Areachap belt or form a joint venture.

READ: Orion Minerals raises $8 million through BEE ownership restructure ahead of completed Prieska BFS

The company has recently completed an $8 million capital raising and put forward a structured investment package to ensure it meets a black economic empowerment (BEE) equity participation target of 30%.

Quick facts: Orion Minerals Ltd

Price: $0.03

Market: ASX
Market Cap: $72.02 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