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Monday, June 15, 2020 - 1:31:49 PM
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Mining News Pro - Private equity group Tembo Capital has confirmed its continued support of Orion Minerals through an extension to the term of the $3.6-million loan facility.
Sydney- and Johannesburg-listed Orion in January announced the convertible loan facility, which has now been extended from June 25 to October 31.
Under the terms of the loan facility, Tembo Capital may elect for repayment by way of the issue of fully paid ordinary shares at a deemed issue price of $0.026 a share.
As at May 31, the balance of the loan facility was $4.54-million, including capitalised interest and fees.
The updated bankable feasibility study released last month for the Prieska project reduces the capital payback for the project to 2.4 years at a higher all-in sustaining margin of 47%.
The study highlights a 2.4-million-tonne-a-year copper and zinc mining operation at the brownfield Prieska project, with numerous improvements on the previous study completed in June 2019.
It calculates the pretax internal rate of return of the mine project at 39% on a 9% increase in peak funding requirements to A$413-million to cater for the operational improvements.
Peak annual production of 23 000 t of copper and 88 000 t of zinc in concentrates is projected.
Mine construction can begin once permitting is complete and funding secured, with concentrate production scheduled to commence 33 months later.
A project execution strategy has been formulated and discussions with key service providers are well advanced.
Sixteen per cent of the share register is already made up of South African shareholders.
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https://www.miningnews.ir/En/News/548334
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