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Orion Minerals has commenced a partnering process, which contemplates the introduction of a strategic project-level equity partner or investor in its flagship Prieska copper-zinc project in South Africa.
Orion Minerals has increased its share placement to investors by $1.3 million to $7.7 million, by way 308.7 million fully paid ordinary shares.
Orion Minerals will use the proceeds raised for bankable feasibility study optimisation studies and early works at its VMS Prieska Copper-Zinc Project.
“Our strategy to deliver a substantial new base metals mine at Prieska is rapidly gaining momentum," says Orion Minerals MD and CEO Errol Smart.
Orion Minerals has concluded a MoA with Byrnecut Offshore envisaging an alliancing agreement for mine development and production at the Prieska Project.
Orion Minerals will move to a controlling interest in a key regional exploration tenement package near its Prieska Copper-Zinc Project in South Africa.
“We identified opportunities to improve on the foundation phase mining plan at Prieska during the feasibility study process," Orion MD and CEO Errol Smart.