Modern Mining August 2024

Prieska Copper Zinc Mine.

We will be using the outcomes from the trial mining to enhance the optimised bankable feasibility study,” says Smart, adding that the company is also finalising the bankable feasibility study on its Okiep project.

In the DRC, one has a bit more freedom in how one executes a project. South Africa is difficult in terms of additional legislation related to local procurement and meeting BEE codes, for example, which makes the operating environment much more

complex in terms of project execution.

(BFS) in May 2020. The project has access to significant local and regional infrastructure and is fully permitted and in the final leg of completing an optimised bankable feasibility study, scheduled for handover to independent experts by August. Discussing the current status of the project, Smart says trial mining has been underway for some time, with 160 people on site drilling and blasting daily and about 30 000 t of ore already on surface. “We will be using the outcomes from the trial mining to enhance the optimised bankable feasibility study,” says Smart, adding that the company is also finalising the bankable feasibility study on its Okiep project. Orion Minerals is in discussion with several finance organisations, including debt and equity financiers and financiers involved in innovative off-take related financing, to secure funding of an estimated R3-billion to R4-billion. “Off-take partners are increasingly playing a significant role in financing mining projects worldwide. In fact, we are in discussions with off-takers, both on off-take terms and as potential providers of project financing. Those that provide

Drilling at the Flat Mines area of the Okiep Copper Project.

financing will get preferential attention on the off-take as we go forward. We expect to be engaged in financial agreement negotiations for roughly the next six months,” says Smart. Prieska project Orion Minerals BFS, completed in 2020, is based on the development of a modern 2.4 mtpa underground and open pit mining operation, with a 12-year ‘Foundation Phase’ targeting 22 000 tpa Cu and 70 000 tpa Zn. The project contains a Volcanogenic Massive Sulphide resource totalling 31 mt at 1.2% Cu and 3.6% Zn, including an Indicated Mineral Resources of

AUGUST 2024 | www.modernminingmagazine.co.za  MODERN MINING  17