Orion Minerals Limited (ASX: ORN) has reached a significant milestone in its funding strategy for the Prieska Copper-Zinc Project in South Africa. After meeting all necessary conditions, Orion has issued drawdown notices for the initial amount of ZAR 167 million (AU$13.8 million) from the ZAR 370 million (AU$30 million) committed funding. The funding arrangements with the Industrial Development Corporation of South Africa Limited (IDC) and Triple Flag Precious Metals Corp. have been finalized, allowing the drawdown to proceed.
The IDC Convertible Loan, totalling ZAR 250 million, will be drawn down in tranches, alongside the AU$10 million Funding Arrangement with Triple Flag. These funding facilities are crucial for the early mining works and pre-development activities at the Prieska Project. The success in securing these funds marks a significant step forward in advancing the development of Orion's flagship project in the Northern Cape Province.
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