Brief: Orion Minerals Enters Into Agreement With Industrial Development Corporation Of South Africa

Orion Minerals

07/09/2022 02:27

Sept 7 (Reuters) - Orion Minerals Ltd  ORN.AX :
    * HAS ENTERED INTO NON-BINDING TERM SHEETS WITH INDUSTRIAL
DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
    * ENTERED INTO NON-BINDING TERM SHEETS ALSO WITH LULAMILE
XATE
    * IDC FUNDING OF PRE-DEVELOPMENT COSTS IN AMOUNT OF ZAR
34.579M
WILL BE ADVANCED TO NEW OKIEP MINING COMPANY
    * ORION MINERALS LTD - IDC TO INITIALLY BECOME A 43.75%
SHAREHOLDER IN NEW OKIEP MINING COMPANY PROPRIETARY LTD
    * TERM SHEET FOR FUNDING & HISTORICALLY DISADVANTAGED SOUTH
AFRICAN OWNERSHIP PARTICIPATION ARRANGEMENTS FOR NEW OKIEP
MINING CO
    * IDC TO ADVANCE ITS PRO RATA SHARE OF ZAR79.037 MILLION
TOTAL
BUDGETED  PRE-DEVELOPMENT OPERATING COSTS OF NOM
    * NOM ACQUIRING PROSPECTING RIGHTS & RECENTLY GRANTED MINING
RIGHT
FROM SOUTHERN AFRICAN TANTALUM MINING PROPRIETARY
    * UPON NOM ACQUIRING SAFTA ASSETS, IDC WILL SELL 22.22% OF
ITS
SHARES IN NOM TO A BEECO

Source text for Eikon:  ID:nASX55f0sr 
Further company coverage:  ORN.AX 

 ((Reuters.Briefs@thomsonreuters.com;))