Orion Minerals halts securities trading at JSE as it prepares for capital raising

People walk in Athens stock exchange on February 11, 2016 . AFP/File/LOUISA GOULIAMAKI

People walk in Athens stock exchange on February 11, 2016 . AFP/File/LOUISA GOULIAMAKI

The trading halt was requested until the commencement of trade on Monday next week.

Australian miner Orion Minerals on Thursday requested an immediate trading halt be placed on its securities in the Johannesburg Stock Exchange (JSE) as it anticipates making a material announcement in relation to a proposed capital raising.

Orion said the trading halt was requested until the commencement of trade on Monday next week, or such earlier time as the miner makes an announcement to update the market in relation to a capital raising.

Orion Minerals is a minerals exploration and development company focusing on zinc, copper, nickel, gold, and platinum-group elements in South Africa and Australia.

The company’s primary listing is on the Australian Stock Exchange and it has a secondary listing on the main board of the JSE.

In January, Orion announced that Tembo Capital Mining had extended a AUS$3.6 million loan facility to advance the Prieska zinc-copper project in the Areachap belt in South Africa’s Northern Cape province.

Orion is completing the first resource drill-out campaign, and a bankable feasibility study is advancing rapidly for its new mine and processing plant at the Prieska mine, which was operated by Anglovaal Mining for two decades up to 1991.

– African News Agency

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