https://www.miningweekly.com

Orion targets Cloncurry gold restart with $25m financing deal 

7th April 2025

By: Creamer Media Reporter

     

Font size: - +

ASX-listed AuKing partner Orion Resources has secured a nonbinding, indicative term sheet for a $25-million senior secured credit facility, marking a key step towards restarting gold production at the Cloncurry gold project in northern Queensland.

The financing, which remains subject to due diligence and formal documentation, will enable Orion to acquire the project’s assets and fund development across multiple sites, including the proposed Tick Hill joint venture and Mt Freda mine. Processing will be undertaken at the nearby Lorena plant.

The facility, if completed, will be provided by a long-established, US-based lender with experience in mining and energy projects. Terms include a three-year tenor with a 13% yearly interest rate and a 0.5% line fee on undrawn amounts. The financier’s identity remains confidential pending final approvals.

“This is a significant milestone for Orion as it seeks to complete the acquisition of the Cloncurry gold project assets and progress to early gold production,” said AuKing Mining MD Paul Williams.

AuKing, which has the right to acquire a 50% stake in Orion through A$5-million of staged expenditure by June 30, 2027, said the proposed facility underscored momentum at the project.

AuKing disclosed its interest in Orion in an announcement last month.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Advanced Fire Suppression Technologies
Advanced Fire Suppression Technologies

Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...

VISIT SHOWROOM 
Virtual Gas Network (Pty) Ltd
Virtual Gas Network (Pty) Ltd

Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.066 0.106s - 128pq - 2rq
Subscribe Now