Squeezing blood from a stone
Trying to get bankers to fund junior miners like Orion is proving almost impossible. Which is why Adam Fleming’s Clover Chrome has ridden to the copper prospect’s rescue
23 March 2023 - 05:00
Orion Minerals spends more on its lawyers than on geologists. That’s not a great statistic for an exploration and development firm, but in South Africa’s listed junior mining sector, it’s typical.
Orion CEO Errol Smart says he had no option but to list because plans to develop the Prieska Copper-Zinc Mine (PCZM) in the Northern Cape required more than A$378m, about R4.6bn. But six years after Orion’s formation, not a single line of debt has been written by a commercial bank, excluding the Industrial Development Corp, a state-owned development finance company. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.