Orion raises US$1,35m

COPPER and zinc mine development company Orion Minerals has raised US$1,35 million under its share purchase plan (SPP), with strong support from shareholders, particularly those in South Africa. The SPP of the Sydney — and Johannesburg-listed company, headed by CEO Errol Smart, forms part of a broader capital raising to advance the company’s early production strategy at its South African base metal projects in the Northern Cape. In May, Orion took a pivotal step towards the development of its permitted flagship Prieska copper/zinc mine after signing non-binding term sheets with Triple Flag for an US$87-million secured funding package. In addition to working closely with Triple Flag, Orion is also continuing to progress discussions with banks, leading development financing agencies, and other financing institutions in relation to funding the Prieska development.— Mining Weekly.