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Orion Minerals Ltd.
Summary
| Project: | Prieska | |
|---|---|---|
| Deposit: | Prieska | |
| Location: | South Africa | |
| Commodities: | Copper-Zinc | |
| Date: | 7/8/2019 | |
| Report Code: | (Enviro) | |
| Report Type: | EIA/ESIA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-7-2019: Orion Minerals Ltd. announces an EIA/ESIA report for its Prieska deposit at the Prieska project. Orion receives Environmental Authorisation for the Prieska project. Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to annou | |
| Resources: | (Resource): 30.49Mt @ 1.2% Cu, 3.7% Zn | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce that its subsidiary, Repli Trading No 27 (Pty) Ltd (Repli), which owns the Prieska Copper-Zinc Project (Prieska Project), has been granted an Environmental Authorisation by the South African Department of Mineral Resources. The granting of the environmental permit is a key milestone for the development of the Prieska Project, located in South Africa’s Northern Cape Province, clearing the way for the award of the Mining Right. The Mining Right represents the key permit required for the project development to commence. Applications for the Mining Right and Environmental Authorisation over Repli were submitted in April 2018. Since then, Orion has delivered several significant milestones as it fast tracks Prieska towards development, including upgrading of the Mineral Resource to a globally significant 30.49 Mt at 1.2% copper and 3.7% zinc (refer ASX release 15 January 2019) and the release of a highly positive Bankable Feasibility Study (BFS) (refer ASX release 26 June 2019). The Prieska Project BFS delivered strong project economics with undiscounted free cash-flows of AUD1.1 billion pretax, an NPV of AUD574M pre-tax at an 8% discount rate and an IRR of 38% pre-tax. The peak funding requirement of AUD378 million will establish a 10-year Foundation Phase that delivers payable metal production of 189kt of copper and 580kt zinc. The payback period of just 2.9 years from first production and all-in-sustaining margin of 44% confirm the operation’s high-margin and strong economics. A 3-D view of the plant area is shown in Figure 1, below. Following the delivery of the BFS, Orion’s focus is now on optimising the BFS plan and advancing project financing discussions. In parallel, the Company is planning project implementation and finalising agreements with concentrate off-take partners and key suppliers. | |
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