Orion finalises US$40m Glencore funding for Prieska mine

Orion Minerals says US$40 million in Glencore financing for its Prieska copper-zinc project in the Northern Cape is now unconditional, clearing a funding hurdle for development of the Uppers mine.

In its 19 October announcement, Orion said final sales and creditor agreements had been signed and the remaining conditions met. It expects the first drawdown by the end of October.

Production target remains end-2027

Orion is targeting first copper and zinc production from the Uppers by the end of 2027.

Preparations include drilling contractor Torque Africa and ENPROTEC’s planned 20,000-tonne-a-month concentrator, to be delivered through a build-own-operate-transfer arrangement.

Larger tranche remains conditional

A separate US$210 million tranche for the Deeps remains conditional, including on full project funding and Glencore arranging additional third-party finance.

Monday’s milestone finalises the smaller tranche under arrangements announced in February. Orion is still seeking the balance of funding needed for the Deeps development.

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