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Africa|Copper|Mining|PROJECT|Projects|Water|Drilling
Africa|Copper|Mining|PROJECT|Projects|Water|Drilling
africa|copper|mining|project|projects|water|drilling

Orion announces last call for shareholders to participate in SPP

Orion's Prieska mine

Orion's Prieska mine

22nd July 2024

By: Marleny Arnoldi

Deputy Editor Online

     

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ASX- and JSE-listed Orion Minerals has reminded shareholders based in Australia, New Zealand, South Africa, Germany, the Netherlands, Jersey, the UK, Mauritius and Singapore to buy shares under a share purchase plan (SPP) before the offer closes on July 23.

Eligible shareholders include those that held Orion shares as of June 28.

Under the SPP, each eligible shareholder is entitled to apply for parcels of new shares from a minimum parcel of A$165, or R2 000, up to a maximum of A$30 000, or R365 000.

The issue price of A$0.015, or R0.18 apiece, is the same price as that paid by investors under a recently completed placement, through which Orion raised A$7.7-million, or R92.3-million, which involved 513-million shares being issued to sophisticated and professional investors.

The combined proceeds of the fundraise and SPP will be used to develop the Prieska zinc and New Okiep copper mines, which are based in South Africa’s Northern Cape province.

The feasibility studies for both these projects are on track for completion in this quarter. Particularly, the bankable feasibility study for the Okiep project will underpin project finance and mine development.

Orion still awaits the approval of Okiep’s water-use licence before the project is fully permitted and mine development can start.

Some key recent results from diamond drilling under way at Okiep, which was executed to support the feasibility study, include 49 m of copper grading 5.05%, 9.27 m of copper grading 3.01% and 20 m of copper grading 4.99%.

The Prieska project currently has a mineral resource of 31-million tonnes grading 1.2% copper and 3.6% zinc, containing 370 000 t of copper and 1.1-million tonnes of zinc.

One block of the project has been identified as an attractive early mining opportunity with high-grade sulphide mineralisation. Trial mining in this regard has demonstrated prospects for future development and ramp-up.

Orion had A$8.2-million of cash on hand as at June 30.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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