Orion Minerals asks JSE to suspend its shares

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Sambatha is convinced that North West would have fewer cases if mine workers had not begun returning to work from other provinces since April, when mines were allowed to increase operational capacity by 50%. Picture: iStock/ Juan Jose Napuri
Sambatha is convinced that North West would have fewer cases if mine workers had not begun returning to work from other provinces since April, when mines were allowed to increase operational capacity by 50%. Picture: iStock/ Juan Jose Napuri

Orion Minerals has asked the JSE to immediately suspend its shares pending an anticipated announcement relating to the completion of an agreement to acquire a copper mine in the Northern Cape, the company said on Monday.

The copper and zinc mine has asked that its shares should be suspended until the commencement of trade on Wednesday 3 February 2021, where it would make an announcement to update the market in relation to the completion of an option agreement.

"The reason for the trading halt is that Orion anticipates making a material announcement in relation to the completion of an option agreement to acquire a major copper project in the Northern Cape Province," it said. 

The company has a primary listing is on the Australian Securities Exchange, as well as a secondary listing on the JSE.

Orion is planning to develop the Prieska Copper-Zinc Project in the Northern Cape. The mine was expected to start production from 2024.

Compiled by Sibongile Khumalo

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