JOHANNESBURG (miningweekly.com) – ASX-listed Orion Minerals is seeking a secondary listing on the main board of the JSE.
It has applied for approval for the secondary listing under the bourse’s fast-track listing process.
Orion on Tuesday said the JSE-listing was consistent with the company’s strategy of engaging South African capital markets in the funding strategy for its Prieska zinc/copper project, in the Northern Cape.
“The ability to access South Africa’s large parastatal banks and funds, which are captive within South Africa due to South African exchange control restrictions, is expected to significantly increase funding options for Orion,” the company noted.
It added that the listing would also provide an accessible market in Orion shares for South African investors and thereby increase domestic ownership, while aligning interests with foreign investors.
“We are delighted to announce that, in the event of the application being successful, Orion will have an additional platform to access capital for its base metal development strategy in South Africa, and provide an opportunity to unlock further value for shareholders by potentially increasing the marketability and liquidity of our shares,” commented Orion chairperson Denis Weddell.
Orion’s JSE listing is conditional on regulatory approval from the South African Reserve Bank.