Orion Minerals granted mining right at Okiep
PERTH (miningweekly.com) – Copper developer Orion Minerals has been granted a mining right for the Flat Mines area of its Okiep copper project, in South Africa.
The company said on Monday that the grant of a mining right by the South African Department of Mineral Resources and Energy marked a major milestone in the development of the project, and enabled confirmation drilling and metallurgical sampling, which is required for bankable feasibility work.
Orion MD and CEO Errol Smart told shareholders that the mining right was a major step forward for Orion and its objective of early production of copper and other future-facing metals, while continuing to expand its mineral resource and beneficiation capacity in the Northern Cape.
“Our bankable feasibility study on the granted mining right area is at an advanced stage, and can now be completed with access to the property for bulk sampling and final confirmation drilling purposes,” he added.
The mining right is valid for an initial 15-year period, and could be renewed on application for a further period, not exceeding 30 years.
A 2021 scoping study into the project estimated that the 780 000 t/y operation could have a mine life of nearly 12 years, producing 386 000 t/y of copper concentrate. The study estimated that the project would require a capital investment of A$53-million, and would have a post-tax net present value of A$114-million and an internal rate of return of 37%.
Feasibility studies to upgrade the scoping study for the project are due in early 2023.
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