Funding talks advancing
Dual-listed Orion Mining is to conclude bank financing discussions for its Prieska copper/zinc project, in Northern Cape, by Christmas this year, allowing for a final investment decision in the new year.
Speaking on the sidelines of Paydirt’s Africa Downunder conference, in Perth, Orion MD and CEO Errol Smart told Mining Weekly that the company was in discussions with a number of banks that had started due diligence on the Prieska project, with Orion also initiating discussions with a number of offtake partners that had offered cofunding arrangements.
“These guys are talking about everything from equity to loan facilities to bridging finance facilities. There are a mix of financial instruments on the table from eight different parties, so we are busy comparing like-for-like and what will work the best for us.”
Smart noted that Orion aimed was to reduce the risk of dilution to company shareholders, given that Orion also had valuable Australian assets.
“We want to take as little dilution as possible in Orion, so that may mean that we would have to consider some more dilution at mine level, but as long as we keep a controlling interest. That is very important to us.”
The A$378-million Prieska project is expected to mine 2.4-million tonnes of ore a year, producing 189 000 t of copper and 580 000 t of zinc in its ten-year foundation phase.
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