Anglo American Sefa Mining Fund to become Orion Minerals shareholder

Published: Mar 5, 2019 08:20

Source: Shanghai Nonferrous Metals Network

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SMM3: Anglo American Sefa Mining Fund (AASMF) will become a shareholder of Orion Minerals.

After the two parties agree to reorganize Orion subsidiary Repli Trading, Orion will consider issuing shares to AASMF as part of the seed capital investment held by the fund in Repli, which will be issued to AASMF, as part of the seed capital investment. The investment assisted Orion's flagship Prieska zinc / copper project in the Northern Cape to undertake early drilling and engineering work.

Orion Minerals Chief Executive Officer Errol Smart said on Monday that capital investment assisted Orion Minerals in obtaining large amounts of foreign investment, allowing the company to move forward with the Prieska project, which the company recently released the scope of its research and updated its mineral resources. A comprehensive feasibility study is expected to be provided in the second quarter of this year.

Orion will issue 23.9 million to 24.9 million rand shares to AASMF.

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