ASX- and JSE-listed Orion Minerals has appointed Endeavour Financial as financial adviser to assist in the evaluation of funding options for the Prieska zinc/copper project, in South Africa's Northern Cape.
“We look forward to working with the Endeavour Financial team to evaluate and put in place debt financing for the development of the Prieska project. We will be considering various funding sources and will work to have project financing in place to move forward with a project development decision in the third quarter,” Orion chairperson Denis Waddell said in a statement issued on Thursday.
The funding options analysis to be undertaken by Endeavour will assist Orion to develop an optimised funding strategy for the project.
Orion recently announced that it had secured a new A$3.6-million loan facility from Tembo Capital Mining, with the proceeds to be used to progress the project's bankable feasibility study, which is on track for completion in the second quarter of this year.
Orion plans to bring the 2.4-million-tonne-a-year project into production as quickly as possible. A December 2018 scoping study demonstrated an economically robust project underpinned by a large resource with substantial long-term growth potential.