Exploration and development company Orion Minerals continued to progress its strategy of building a high-quality pipeline of future-facing base metals development and exploration assets to supply the demand created by a global clean energy transition, the company notes in its interim financial report for the six months ended December 31.
Orion noted strong progress with financing and predevelopment activities at the development-ready Prieska copper/zinc project, as well as progressing exploration programmes and feasibility studies at the Okiep copper project (OCP) and Jacomynspan project, all located in the mineral-rich Northern Cape of South Africa.
Funding for Prieska was significantly advanced during the reporting period, with total predevelopment funding of more than R350-million (about $32-million) secured to carry out demonstration trial mining and allow dewatering to start from underground mine workings.
Both of these work streams are critical to a bankable feasibility study for an early production plan at Prieska.
The study work, including trial mining, is scheduled for completion by the third quarter of this year.
Predevelopment funding has also been secured for the Okiep project, with South Africa’s Industrial Development Corporation (IDC) having acquired a 43.75% stake in the New Okiep Mining Company.
The IDC will now advance its share of predevelopment costs, amounting to R34.6-million (about $3-million), and will facilitate meaningful economic participation by historically disadvantaged South Africans to further the ownership objectives of the Mining Charter 2018.
A mining right has been granted and executed for the Flat Mines Area at the OCP, paving the way for the beginning of confirmation drilling and metallurgical sampling required to complete an advanced stage feasibility study.
At the Jacomynspan nickel/copper/platinum group elements project, a metallurgical test work programme started to produce battery precursor products and other critical metal micropowders from Jacomynspan ore.
This work is being progressed under an exclusivity agreement signed with Stratega Metals in May 2022.
Testwork is progressing, with promising results noted by Orion, and the exclusivity period has been extended to July 31.
In the Fraser Range Province in Western Australia, Orion’s joint venture partner, ASX-listed IGO, undertook aircore drilling, geological logging and moving loop electromagnetic surveys.
Orion says it always strives to achieve a sustainable balance between intense operational effort and maintaining a strong focus on safety, environment and community.