Orion Minerals acquisition of Okiep Copper Project nears completion

Orion Minerals Limited (ASX: $ORN) has satisfied all conditions for the completion of the acquisition of a controlling interest in the Okiep Copper Project (OCP) in the Northern Cape Province, South Africa. The strategic funding partner, the Industrial Development Corporation of South Africa Ltd (IDC), has approved ZAR43.75 million (~A$3.6 million) of additional funding to support ongoing drilling and operating costs at the OCP. The OCP is a highly strategic asset located in a prolific copper producing district with a rich historical production of over 2 million tonnes of contained metal.

Orion's Managing Director and CEO, Errol Smart, comments on the acquisition

We are very pleased to have reached the final stages in our acquisition of a controlling interest in the Okiep Copper Project, which is a high-quality asset that forms an integral part of Orion's growth pathway to become a significant new mid-tier ASX/JSE listed copper producer. This district is in the early phases of an exciting new chapter in its history, with a huge opportunity to meet surging global demand for copper metal from the EV and AI-driven revolutions that are currently transforming the global economy. Building on the momentum generated by our superb recent drilling intercepts, we have an ongoing drill program with more assays expected in the coming weeks, and a feasibility study well advanced and on track for delivery in July this year. Given the major activity at the Okiep Copper Project, we are looking forward to delivering significant news-flow from Okiep in the coming months.

Outlook for Orion Minerals and the Okiep Copper Project

Orion Minerals' acquisition of a controlling interest in the Okiep Copper Project marks a significant step in its strategy to become a leading diversified international base metals producer. The approval of additional funding for ongoing drilling and operating costs demonstrates the company's commitment to advancing the project. With the ongoing confirmation drilling program and the feasibility study on track for delivery in July 2024, Orion is poised to capitalize on the revival of the Okiep district and the increasing global demand for copper. The company's ambitions to become a significant new mid-tier ASX/JSE listed copper producer align with the current market trends and technological advancements driving the global economy. Orion Minerals anticipates delivering significant news-flow from the Okiep Copper Project in the coming months, reflecting the company's active pursuit of growth and development in the base metals sector.