Latest news with #PrieskaCopperZincMine
IOL News
08-07-2025
- Business
- IOL News
Orion Minerals raises capital to advance Prieska Copper Zinc Mine development
The Prieska Copper Zinc Mine is the centrepiece of Orion's future-facing metals portfolio. Image: Supplied Orion Minerals' share price shot up 7.1% on the JSE Tuesday morning after it announced plans to issue shares and raise about R67 million to further its Prieska Copper Zinc Mine (PCZM). The funds raised from the placement and share purchase plan will be used mainly to partially fund the development of the Uppers at the PCZM, including ongoing dewatering and site works; for mine development optimisation studies, and ongoing site works at the Okiep Copper Project, the Australia and Johannesburg-listed company said in a notice Tuesday. The funds will also be used for general working capital purposes, including work associated with the finalisation of off-take related funding for the development of PCZM. Typically, company share prices fall when a share issue-for-cash is announced, so the higher share price indicates investor confidence in the mining development company's prospects. The share price had gained over 7% to 14 cents on the JSE by Tuesday midday. The price has nevertheless fallen from 20 cents a year ago. The capital raise entails the issue of 522 million shares to investors. There are some 6.85 billion shares in issue. The mine in June hosted Mineral and Petroleum Resources Minister Gwede Mantashe at Orion's flagship PCZM, as it progresses towards becoming a copper and zinc producer. The visit had followed the release of the PCZM Definitive Feasibility Studies in March, which outlined a two-phase development strategy to de-risk the mine's development strategy and accelerate value creation. The company said in a statement at the time that this plan should deliver first production of the Upper-level phase within 13 months of the start of construction. Orion had delivered positive studies for both PCZM and the Flat Mines Project at Okiep. The company said on its website that PCZM had the potential to become a long-life, financially robust mining operation with an annual steady-state production of 22 kilotons of copper and 65 kilotons of zinc. Orion's former MD and CEO Errol Smart said in the quarterly report to the end of December 2024, that: '2025 is set to be a big year for Orion as we transition from being explorers to becoming mine developers.' During the December 2024 quarter, good progress was made on the Definitive Feasibility Studies (DFS) for both PCZM and the project in Okiep. Both studies were then released at the end of the quarter to March 2025. 'Both studies delivered favourable outcomes, confirming the ability to deliver safe, modern, and fully mechanised copper mines,' the company's new MD and CEO Tony Lennox said in its March quarterly Activities Report. At that time, the company said its key focus areas for the coming months were project financing; project implementation planning; concentrate off-take negotiations; agreements with service providers for key early works activities and long-lead time items.
Zawya
03-06-2025
- Business
- Zawya
South Africa: Mantashe hopeful for Orion Minerals' flagship PCZM's future
On Friday, 30 May, the Minister of Mineral and Petroleum Resources, Gwede Mantashe, visited Orion Minerals' flagship Prieska Copper Zinc Mine (PCZM) and unveiled a plaque located at the main shaft headgear celebrating his visit. Orion Minerals' flagship Prieska Copper Zinc Mine (PCZM) in the Northern Cape, is becoming a next-generation copper and zinc producer. The minister, who was employed at Prieska Copper Mines from 1975 to 1983, went on an underground visit and was shown the dewatering infrastructure and freshly exposed ore at the site of the recent underground trial mining. Located in the Northern Cape, the mine is becoming a next-generation copper and zinc producer. Two-phase development strategy In March this year, its PCZM Definitive Feasibility Studies (DFS) outlining an optimised two-phase development strategy aimed at de-risking the mine's development pathway and accelerating value creation was released. This approach will deliver first production from the Upper-Level Phase within 13 months from the start of construction, with the cash generated helping to fund the ongoing de-watering and other early works required for the Deeps Phase of the mine. Orion is well-positioned to become a near-term producer after delivering positive studies for both PCZM and the Flat Mines Project at Okiep. Positive catalyst Orion has been a positive catalyst in its host communities, demonstrating that a junior exploration company can deliver benefits and change for the communities surrounding its operations. Throughout the development stages of its operations, Orion continues to prioritise the development of local suppliers to benefit the social and economic well-being of the community. The development of these projects will play an important role in unlocking economic development and community development opportunities in the Northern Cape, securing the region's long-term prosperity. Financially robust mining operation Orion's managing director and CEO, Tony Lennox, welcomed the DMPR to PCZM to showcase the high potential of its assets as well as its plans to advance these projects and financing strategy, while delivering on skills development and employment opportunities goals. 'We are committed to delivering meaningful economic and social change in the region.' Orion is making progress with the next stage of its development strategy, including advancing project financing and dewatering of PCZM, which has a mineral resource of 31.0Mt at an average grade of 1.2% copper and 3.6% zinc. PCZM has the potential to develop into a long-life, financially robust mining operation with an annual steady-state production of 22kt of copper and 65kt of zinc. Future of Prieska 'After visiting the mine, I am hopeful for the future of the Prieska mine to create value, improve lives, support other businesses and uplift the Northern Cape. I will come back to visit when the mine produces its first copper,' says Mantashe.
