Orion Minerals sells Connors Arc project in Australia, to focus on SA mine
Shares in JSE-listed Australian Orion Minerals rose 16% to 44c on Wednesday morning after it announced the sale of a gold mining project in Queensland. Orion said it intended to use the up to $5m it will receive for its Connors Arc project to fund developing its South African zinc and copper project. Evolution Mining has agreed to pay $2.5m cash plus a 2% royalty on gold recovered from the Connors Arc up to a total of $5m, Orion said in Wednesday’s statement. Orion said the sale was consistent with its decision to place greater focus on its flagship project in the Northern Cape, the Prieska zinc-copper project in the Areachap terrain. This also included its highly prospective regional exploration projects within the Areachap belt, including the advanced Jacomynspan nickel-copper-cobalt project, Orion said. In the 1980s, SA was hardly a large player in the zinc market, generating between 77,000 tonnes and 112,700 tonnes a year in the latter half of the 1980s compared with global outp...
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