The Prieska Copper Zinc Mine is the centrepiece of Orion’s future-facing metals portfolio.
Image: Supplied
Orion Minerals, which is progressing its transition from explorer to producer, focusing on copper and zinc assets in South Africa’s Northern Cape, for the half year ended December 31, 2024 recorded a loss of A$6.52 million (R75m), an increase of 15.4%.
Orion is positioning itself to supply metals critical to the global clean energy transition, targeting first production from its key projects in 2026.
Headline earnings per share improved to a loss of A$0.07 from a loss of $0.08 in the prior year. No dividends were declared for the period. The operating loss was driven by contractor and advisor expenses of A$1.18 million and exploration expenditure of A$2.44m, which did not qualify for capitalisation under the company’s deferred exploration policy and was expensed.
Orion said it has made significant progress on its Prieska Copper Zinc Mine (PCZM) development. The mine achieved a dewatering rate exceeding 500 cubic metres per hour from the 178m Level pump station, with forced evaporation rates of 100-140 cubic metres per hour enhanced by two-shift operations. The 15MVA Cuprum electrical sub-station upgrade is complete, fully connecting PCZM to the Eskom grid under an electricity supply agreement. Additionally, civil construction of a 13-hectare water storage dam, part of the future Tailings Storage Facility, was finished, while the Definitive Feasibility Study (DFS) nears completion under review by Practara Metals & Mining Advisory, awaiting approval from partners including the Industrial Development Corporation.
At the Okiep Copper Project (OCP), the DFS for the Flat Mines Project, Orion’s initial mining target, advanced significantly and is nearing completion, with Practara conducting an external review prior to approval by project partners, including the IDC. A drilling programme confirmed existing Mineral Resource models and indicated potential for high-grade copper mineralisation. The OCP secured a Water Use Licence for the Flat Mines Area, the final permit needed for construction and production, which also approved the TSF design and location.
Orion said its efforts extended to the Jacomynspan Nickel-Copper-PGE Project, where it evaluated Chloro and Carbonyl metal vapour refining for producing high-value metal products. The company is also assessing alternative hydrometallurgical processes through value trade-off studies to determine the best beneficiation route.
BUSINESS REPORT