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.
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 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. ..
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