Orion Minerals Receives Funding From The Industrial Development Corporation To Advance Its Okiep Mining Company
Orion Minerals Receives Funding From The Industrial Development Corporation To Advance Its Okiep Mining Company. Orion Minerals took to LinkedIn to announe that it has received funding from the Industrial Development Corporation in order to further advance its Okiep Mining Company.
The post read, “Orion Minerals is pleased to announce that it has entered into non-binding term sheets with the Industrial Development Corporation of South Africa Limited (IDC) and Lulamile Xate regarding the key principles of the funding and Historically Disadvantaged South African (HDSA) ownership participation arrangements for New Okiep Mining Company (NOM). Orion and the IDC anticipate finalising and executing the definitive agreements for the IDC share acquisition and pre-development funding arrangements by 30 September 2022, with the IDC funding to flow during October 2022, subject to fulfillment of conditions precedent standard for such arrangements.”
With this investment, the Industrial Development Corporation is set to fund 43.75% of pre-development costs & facilitate BEE ownership at the Okiep Copper Project. The Okiep Copper Project (OCP) is located in the Northern Cape Province of South Africa, approximately 570km north of Cape Town and 450km west of the Company’s flagship Prieska Copper-Zinc Project. The Project comprises the core of a premier historical copper district that produced >2Mt of copper over a 150-year period ending in 2003. Orion signed an Option Agreement to acquire the OCP in February 2021 and immediately commenced due diligence programs to support the proposed acquisition.
Orion Minerals is an ASX and JSE listed mining company which is aiming to deliver shareholder value by exploring and developing its high quality portfolio of projects located in the Areachap Terrain, Northern Cape, South Africa and continued exposure, via a free carried interest, to exploration in the Fraser Range, Western Australia.
