(Ecofin Agency) - Orion Minerals active on Prieska copper/zinc project in South Africa, announced yesterday June 25, a fundraising worth $11 million through a share two-tranche placement. The ASX and JSE-listed company plans to issue 297.3 million shares at $0.037 each.

In a statement, it indicated that the money will mainly be used to finalize the bankable feasibility study underway at its flagship project. The study is expected to be completed in late 2018 or early 2019. Funds will also be used to continue exploration programs on highly prospective tenements in the country’s Northern Cape region as well as for working capital.

“We look forward to putting investors funds to work. Our primary focus is Prieska, however, given the quantum of funds raised under the placements, we are also in the fortunate position of being able to invest in the exploration […],” said CEO Errol Smart (photo).

Let’s note that the Prieska project, which would host 29.4 million tons of resources grading 3.8% zinc and 1.2% copper, is scheduled to enter into production in 2020.

Louis-Nino Kansoun