Orion Minerals raises capital to advance Prieska Copper Zinc Mine development
Image: Supplied
Orion Minerals' share price shot up 7.1% on the JSE Tuesday morning after it announced plans to issue shares and raise about R67 million to further its Prieska Copper Zinc Mine (PCZM).
The funds raised from the placement and share purchase plan will be used mainly to partially fund the development of the Uppers at the PCZM, including ongoing dewatering and site works; for mine development optimisation studies, and ongoing site works at the Okiep Copper Project, the Australia and Johannesburg-listed company said in a notice Tuesday.
The funds will also be used for general working capital purposes, including work associated with the finalisation of off-take related funding for the development of PCZM. Typically, company share prices fall when a share issue-for-cash is announced, so the higher share price indicates investor confidence in the mining development company's prospects.
The share price had gained over 7% to 14 cents on the JSE by Tuesday midday. The price has nevertheless fallen from 20 cents a year ago. The capital raise entails the issue of 522 million shares to investors. There are some 6.85 billion shares in issue.
The mine in June hosted Mineral and Petroleum Resources Minister Gwede Mantashe at Orion's flagship PCZM, as it progresses towards becoming a copper and zinc producer.
The visit had followed the release of the PCZM Definitive Feasibility Studies in March, which outlined a two-phase development strategy to de-risk the mine's development strategy and accelerate value creation.
The company said in a statement at the time that this plan should deliver first production of the Upper-level phase within 13 months of the start of construction. Orion had delivered positive studies for both PCZM and the Flat Mines Project at Okiep.
The company said on its website that PCZM had the potential to become a long-life, financially robust mining operation with an annual steady-state production of 22 kilotons of copper and 65 kilotons of zinc.
Orion's former MD and CEO Errol Smart said in the quarterly report to the end of December 2024, that: '2025 is set to be a big year for Orion as we transition from being explorers to becoming mine developers.'
During the December 2024 quarter, good progress was made on the Definitive Feasibility Studies (DFS) for both PCZM and the project in Okiep. Both studies were then released at the end of the quarter to March 2025.
'Both studies delivered favourable outcomes, confirming the ability to deliver safe, modern, and fully mechanised copper mines,' the company's new MD and CEO Tony Lennox said in its March quarterly Activities Report.
At that time, the company said its key focus areas for the coming months were project financing; project implementation planning; concentrate off-take negotiations; agreements with service providers for key early works activities and long-lead time items.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
a day ago
- IOL News
Accelerate Property Fund reports significant credit losses and strategic disposals
JSE-listed Accelerate Property Fund has Fourways Mall as the flagship of its portfolio. Vacancies in the mall decreased to 13.7% by the en of the year to March 31, 2025, from 19% a year before. Image: Fourways Mall/Facebook Accelerate Property Fund (APF), which has Fourways Mall as the flagship in its portfolio of retail, office and industrial properties, has massively increased its credit losses to R1.05 billion due to the impairment of a related party agreement of R970.7 million. In the results for the year to March 31, rental income fell by 5.7% to R824.04m. Net property income was down by 8.3% to R494.74m. Including the expected credit loss, the taxed loss increased 103.2% to R1.27bn from a R624.74m taxed loss a year before. The big impairment related to a settlement agreement entered into in November last year, between APF and co-developer of the mall, Azrapart, that had lapsed due to suspensive conditions not being fulfilled in the requisite timeframe. Last month, Azrapart was placed into business rescue by the High Court in Bloemfontein, following an application by FirstRand's RMB and Investec, but Azrapart is appealing the ruling. Other parties to the agreement are the trustees of the Michael Family Trust; and Accelerate's former CEO Michael Georgiou, who also controls Azrapart. Although a new agreement was drawn up, it had still not been signed at the release of the results. As a result, the amount was impaired. 'As at the date of this report, Mr Georgiou (on behalf of the related parties) has not signed the new settlement agreement,' Accelerate's directors said. They said that despite its challenges and the geopolitical and economic headwinds, the group focused on strategic objectives - optimising the balance sheet through disposals to reduce debt and the concomitant reduction of SA REIT loan-to-value. During the year, eight assets were disposed of with a combined lettable area of 63 284 square metres, for R694m. After the financial year-end, Erf 7 Roggebaai and 1 Charles Crescent were transferred with a combined area of 15 547 square metres. The proceeds of R62.4m were used to settle debt. Sale agreements for a further four properties were concluded to the value of R688.5m, with a lettable area of 41 719 square metres, and a combined vacancy of 28.8%. The group's average collection rate was 98.9%. The directors said the formation of the Government of National Unity had improved investor confidence, and GDP growth was projected to accelerate to 1.5% in 2025 supported by stabilising electricity supply. Inflation had moderated. Regarding the outstanding related party matter, the directors said preliminary legal advice suggested the company's claims against the related parties were unlikely to have prescribed. 'However, certain aspects of the legal position remain under consideration.' Operating costs fell by 13.5%, largely due to decreased staff costs, but legal fees increased after the conclusion of sale agreements, related circulars, redrafting of related party agreements and the restructured finance agreements. Disposals unlocked proceeds of R694m utilised to reduce interest-bearing borrowings. During the year, R110.4m was spent on properties which includes investment properties and non-current assets held-for-sale. This was funded from available funds from facilities as well as specific facilities put in place for Fourways Mall. Vacancies decreased to 19.4% as at March 31, 2025, from 21.1% as at the same time a year before. Vacancies in Fourways Mall decreased to 13.7% from 19% following an aggressive drive to attract new tenants. The SA REIT LTV decreased to 48.3% from 50.3%. This was mainly a function of the disposals and LTV was expected to improve as the disposal programme progressed. On July 25, 2025, the company successfully raised R100m through a fully underwritten rights offer. Visit:
IOL News
2 days ago
- IOL News
A South African woman's call to action: defying the statistics, embracing our power
We are forging our own paths through entrepreneurship launching businesses not just for profit, but as a form of social justice and an act of self-liberation, says the writer. Image: Danilyuk SOUTH Africa, a nation built on a complex foundation of triumph and trauma, continues to grapple with the deep-seated legacies of inequality. Yet, in this challenging landscape, a powerful force is rising: the indomitable spirit of South African women. They are not merely observers of change, but its very architects, leading movements, building enterprises, and rewriting the narrative of our nation. This progress, however, has been hard-won, a continuous struggle against systemic barriers that still stand in our way. The harsh realities: a mirror to our work As we forge ahead, we must not shy away from the statistics that reveal the persistent inequalities we face. These numbers are not a narrative of our limitations, but a mirror reflecting the crucial work that still needs to be done. The data from Statistics South Africa paints a clear picture of a gendered landscape. Poverty and economic disparity: More than 42.4% of South African households are headed by women, a figure that soars in rural provinces like the Eastern Cape and KwaZulu-Natal. These women, the matriarchs of our communities, bear the weight of families on a landscape where the odds are stacked against them. The World Economic Forum's Global Gender Gap Report highlights a sobering reality: South African women are still paid 23% to 35% less than men for the same work. In the first quarter of 2025, women accounted for a staggering 77% of all job losses, despite comprising only 44% of the employed population. This isn't just a setback; it's an economic crisis demanding justice. A "hidden crisis" of violence: The statistics on gender-based violence (GBV) are not just numbers; they are a national tragedy. A recent Human Sciences Research Council report confirms a harrowing reality: 1 in 3 South African women over the age of 18 has experienced physical intimate partner violence in her lifetime. This violence, from physical brutality to the subtle cruelty of economic control, threatens to unravel the hard-won progress of women's empowerment. It is a calculated pattern of power and domination that leaves deep and lasting scars, and it demands our collective compassion and urgent action. The unbroken glass ceiling: While our Constitution guarantees gender equality, the daily reality in the workplace tells a different story. A 2024 analysis by Just Share on the JSE's Top 40 found a modest increase in women on boards, but a 2% decline in women in executive positions, with only 23% of these roles held by women. A 2022 PwC report found that across all JSE-listed companies, only 8% of CEOs and 22% of CFOs are female. This is not a missed opportunity; it's a profound failure to tap into the full potential of our country's talent pool. These statistics can feel overwhelming, a narrative of limitation that can cause us to question our ambitions. But as an entrepreneur, I have learned that a "no" is not the end of the road; it's an invitation to find another way. I do not see a reason to retreat; I see a grand, undeniable opportunity to defy them. Entrepreneurship: a pathway to self-liberation In the face of these formidable barriers, women are not waiting for permission. We are forging our own paths through entrepreneurship launching businesses not just for profit, but as a form of social justice and an act of self-liberation. We are creating enterprises that are community-centered and that embed equality into their very DNA. I know the road is tough. Access to finance remains a significant hurdle, with banks and institutions often viewing women-owned businesses as high-risk, despite evidence to the contrary. But this is where our collective power and ingenuity become our greatest assets. We are building our own support networks, mentoring the next wave of leaders, and proving that the true measure of risk is not gender, but vision and grit. Our journey is a deliberate shift from being a passive recipient of the economy to an active driver of it. A unified vision: inspiring the next generation Our journey is far from over. The path to gender equity and inclusive entrepreneurship cannot be shouldered by women alone. It requires a collaborative effort from government, civil society, and the private sector. We must demand: - Stronger enforcement of equity policies: Moving from symbolic gestures to measurable, transformative action across all sectors. - Equitable access to funding and procurement: Financial institutions must rethink their risk models and invest in the proven potential of women-led businesses. - Investment in education and mentorship: We need more pipelines that target young girls and women in STEM, and more mentorship programs to guide them through the complexities of leadership. - Protection from violence: We must work tirelessly to strengthen GBV interventions, shelters, and legal support services to ensure that a woman's economic and personal safety are not mutually exclusive. Women in South Africa have always been agents of transformation. From the women who marched in 1956 to our mothers and grandmothers who nurtured generations against all odds, we carry their legacy. Today, we stand on their shoulders, ready to navigate the complexities of justice, gender, and enterprise with both courage and clarity. Our vision is clear: a South Africa where every woman can thrive with dignity, equity, and purpose. And that vision is not a dream - it is a promise we must all work to fulfill. Pria Haasan Image: Facebook
IOL News
2 days ago
- IOL News
ASP Isotopes Inc to begin uranium enrichment at Pelindaba facility
The Pelindaba nuclear research facility outside of Tshwane. The Nasdaq-listed ASP Isotopes has reach an agreement with the state owned Nuclear Energy Corporate of SA to produce high-assay low-enriched uranium. Image: Supplied ASP Isotopes Inc (ASPI), the Nasdaq-listed company that plans a JSE listing, intends to begin uranium enrichment at the Pelindaba nuclear facility through an agreement with the South African Nuclear Energy Corporation (Necsa). ASPI, which is in the process of a share-for-share transaction with Renergen, the only onshore helium and liquid natural gas producer in South Africa, said in a pre-listing statement on Friday that the agreement is to collaborate on research, development, and ultimately the commercial production of advanced nuclear fuels. The company plans a secondary JSE listing on August 27. 'We believe the U-235 we may produce using QE (quantum enrichment) technology may be commercialised as a nuclear fuel component for use in the new generation of high-assay low-enriched uranium (HALEU)-fueled small modular reactors that are currently under development for commercial and government uses,' said ASPI's directors in the statement. In May 2025, ASPI entered into a loan agreement with TerraPower, as lender, and QLE TP Funding SPE, a subsidiary, as borrower, for a loan of up to $22 million to partially finance the proposed new uranium enrichment facility at Pelindaba, which can produce commercial quantities of HALEU, subject to the required permits and licenses being obtained. The initial core supply agreement for the project was intended to support the supply of the first fuel cores for the initial loading of TerraPower's Natrium project in Wyoming, in the 2027/28 timeframe. This initial supply agreement is currently valued at up to about $375 million over an 18-month timeframe, primarily dependent on the quantity of HALEU to be supplied and the firm fixed price for the HALEU. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The envisaged long-term supply agreement is a 10-year supply agreement of up to 150 metric tons of HALEU, commencing in 2028 and running through to the end of 2037, currently valued at up to about $3.75 billion, primarily dependent on the quantity of HALEU to be supplied over 10 years and the base price of HALEU. Renergen shareholders approved a share swap scheme at a shareholder meeting on July 10, wherein each shareholder would receive 0.09196 ASPI shares for each Renergen share held, with no cash entitlement, save for fractional entitlements. ASPI directors said the listing on the JSE would occur regardless of whether or not the share swap scheme with Renergen shareholders became unconditional. ASPI's share premium account reflected a value of $107.4m, and the market value of ASPI shares was around R15 billion ($831m). ASPI said its proprietary technologies, the 'Aerodynamic Separation Process' and Quantum Enrichment technology (QE technology), were designed to enable the production of isotopes used in several industries. Their initial focus was the production and commercialisation of enriched Carbon-14 (C-14), Molybdenum-100 (Mo-100), and Silicon-28 (Si-28). Commercial production is starting at the C-14 and Si-28 enrichment facilities in Pretoria, South Africa. The production of commercial samples of highly enriched Yb-176 at the Yb-176 enrichment facility in Pretoria, South Africa, had commenced, they said.
