Orion Minerals has reached agreement with value-adding South African institutional investor, Anglo American sefa Mining Fund to extend the term of the ZAR14.25 million loan facility from 31 July 2020 to 30 April 2021.
On 2 November 2015, Prieska Copper Zinc Mine loan agreement for the further exploration and development of the Prieska Copper-Zinc Project.
Under the terms of the loan facility, on 1 August 2017, Anglo American sefa Mining Fund advanced ZAR14.25 million to Prieska.
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The key terms of the loan facility are:
- Loan amount: ZAR14.25 million
- Interest: Prime lending rate in South Africa
- Repayment date: 30 April 2021 (previously 31 July 2020); and
- Security: 29.17% of the shares held in Prieska by Agama Exploration and Mining, have been pledged as security to Anglo American sefa Mining Fund for the performance of Prieska’s obligations in terms of the loan facility.
As at 30 June 2020, the balance of the loan facility was ZAR19.0 million.
Read more about the Prieska project