ORION Minerals on Friday requested an immediate halt to the trading of its shares as it anticipates announcing plans for a capital raise in the next few days.
The trading halt was requested until June 15, 2022, or such earlier time as Orion makes an announcement to update the market in relation to a capital raising.
Sydney and Johannesburg-listed Orion is known to be putting equity together to restart the Prieska copper/zinc mine, which Anglovaal discovered in 1968 and operated for 20 years.
Orion Minerals chief executive Errol Smart told the Resources Rising Stars 2022 Gold Coast Conference in Australia last week: “This is going to be a big game changer for us”, according to the Mining Weekly online publication.
“Now we’ve got a very small portion of equity that is required to build this mine. It’s within our means to get under construction within the next six months and be in production 19 months later. It changes the entire economic outlook for Orion,” he said.
A month ago, Orion signed non-binding term sheets for a $87 million (R1.3 billion) funding package for its Prieska copper/zinc mine in Northern Cape Province. The firm teamed up with precious metals streaming and royalty company Triple Flag.
BUSINESS REPORT