Australian metals firm Orion lists on the JSE
AUSTRALIAN base metals firm Orion Minerals, with an active exploration and development programme in South Africa, yesterday listed in the gold mining sector on the main board of the JSE.
The company – which focuses on zinc, copper, nickel, gold and platinum-group elements in South Africa and Australia – became the 13th firm to list on the bourse this year.
Head of primary markets at the JSE, Prejelin Naggan, said the exchange was privileged to welcome a new foreign company to the market and the South African economy.
“The JSE is proud to be able to assist Orion Minerals in its development strategy in South Africa. This listing is testimony that this country continues to draw global companies, and the listing will also broaden the range of mining assets to which investors can get exposure on the JSE,” he said.
Naggan said by listing on the JSE – one of the top 20 exchanges in the world in terms of market capitalisation – Orion Minerals could grow its potential South African investor pool.
“The listing gives Orion Minerals access to the deep pools of capital that flow through the JSE and it, therefore, offers a platform for the company to expand its fund-raising opportunities.”
Orion Minerals chief executive Errol Smart said the listing was a momentous day for the company.
“We’re proud to be a part of the prestigious JSE family. We view the JSE listing as providing Orion Minerals with an additional market for the efficient funding of our South African projects, and to raise our profile here,” he said.
“Our key project is the advanced Prieska Zinc-Copper Project, which was previously operated between 1971 and 1991, and is located in the Northern Cape. Orion has a proven track record, with an experienced leadership and technical team, and we are confident that we can fast track development at Prieska, which has near-term production potential.” THE COMPETITION Commission yesterday stopped short of calling Standard Bank arrogant for requesting the Competition Tribunal to compel it to release its investigation records in the foreign currency exchange (forex) collusion matter, while declining to hand over its records to the bank.
The charged hearing at the tribunal’s offices was triggered by Standard Bank’s founding affidavit, deposed with the tribunal, that accused the commission of conducting the investigation in a clandestine manner and causing harm to its reputation.
Tembeka Ngcukaitobi, representing the commission, said yesterday it was uncalled for for the bank to demand that the commission make available the body of evidence it has against it.
However, counsel for Standard Bank, Greta Engelbrecht, hit back at the commission and said the anti-graft agency had “constructed reasons” to frustrate the process of handing over the records of its multibillion-dollar foreign exchange trade probe.
The stalemate between the commission and the bank means the tribunal chairperson and his team will now have to decide on the matter.
Earlier this year, the commission referred Standard Bank and 17 other local and international banks to the tribunal for prosecution after it accused them of colluding in forex trading. Barclays Africa and Citibank have since admitted their guilt and agreed to testify against the other banks, with Citibank having been fined R69 million, while no fine was preferred against Barclays Africa.
Ahmore Burger-Smidt, a director at Werksmans Advisory Services, said yesterday that one had to consider the concept of restricted information in assessing the current application before the Competition Tribunal.
“One would, therefore, expect, in the interest of proper administration of justice, that respondents be granted access to information forming the basis of the prosecution.”
The commission last month said that it was “no longer interested” in any settlement discussions with banks implicated in the forex scandal, which broke earlier this year.
The commission is seeking an order declaring the 17 banks are liable for the payment of an administrative penalty equal to 10 percent of their annual turnover.