JSE- and ASX-listed Orion Minerals says it is progressing to the execution and funding phase at its Prieska Copper Zinc Mine and Okiep Copper Project in the Northern Cape.
In its June 2025 quarterly activities report released on Wednesday, the company said it had completed definitive feasibility studies (DFS) for both projects, “marking a key step towards development”.
The company said its Prieska project was expected to deliver the first bulk concentrate from the near-surface “uppers zone” within 13 months of securing project funding.
The definitive feasibility study for Prieska covers both the upper and deeper mining zones, with a projected post-tax net present value of A$568m (R7.1bn) and an internal rate of return of 26.2% over a 13.2-year life of mine.
At the Okiep project, the company said it was undertaking an optimisation process aimed at “improving the project’s financial returns”.
The miner said it was in discussions with multiple offtake partners and the Industrial Development Corporation to secure funding for Phase 1 of the Prieska mine.
Earlier this month, the company raised A$5.8m by issuing new shares to selected investors and converting some existing loans into equity. It also plans to offer a share purchase option to eligible shareholders.
“Finalising project financing and a concentrate offtake agreement for the upper zone remains Orion’s immediate priority,” the company said.
It said the project execution was expected to gain momentum in the September quarter, with first production from the projects targeted for late 2026 or early 2027.
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