Orion Minerals secures US$40M Glencore funding
- Orion Minerals has satisfied all conditions precedent to unlock US$40 million in financing from Glencore.
- The funding clears the path to begin construction at the Prieska Copper Zinc Mine, targeting first production by the end of 2027.
- Orion Minerals shares were unchanged at $0.026 following the market announcement.
Orion Minerals (ASX:ORN) has satisfied all key requirements to make its US$40 million financing facility from Glencore unconditional for the development of the Prieska Copper Zinc Mine.
The execution of the final concentrate offtake and intercreditor agreements clears the way to begin key operational contracts and site construction.
"While finalising these agreements has been a lengthy and detailed process, our project and operations teams have used this time productively to advance engineering, finalise development plans, select key contractors and establish the systems and processes required for disciplined project execution," said Glencore Executive Toby Spittle.
Initial drawdown under the facility is scheduled for late October, with ENPROTEC appointed to deliver a 20,000-tonne-per-month concentrator and Torque Africa managing drilling works.
The company stated that first copper and zinc production from the Uppers Mine is currently targeted by the end of 2027.
Following the announcement, the Orion Minerals share price was unchanged at $0.026.
A secondary US$210 million facility remains conditional on securing full project funding and additional third-party prepayments.
The miner is continuing discussions with existing and potential financial partners to secure the remaining capital required to fully develop the site.
