Orion Minerals Secures Glencore Funding Deal for South African Copper-Zinc Project

Australia’s Orion Minerals has signed a non-binding term sheet with Glencore, securing potential funding of $200 million to $250 million for the development of its Prieska copper-zinc project in South Africa. The agreement outlines an offtake deal granting Glencore exclusive rights to purchase 100% of the copper and zinc concentrates from the mine for a period of five to ten years.

The financing package will be delivered in two tranches, aimed at supporting construction and early development works at the Prieska mine. Orion expects the first drawdown as early as November, which will fast-track the company toward initial production and early cash flow. This milestone marks a critical step in advancing one of South Africa’s most significant base metal projects.

The funding remains subject to Glencore’s due diligence, which has already commenced. Orion emphasized that the first tranche is vital for moving quickly into production while setting the foundation for long-term operations. The company also confirmed that, in parallel with discussions with Glencore, it will continue to engage with existing funding partners to strengthen its financial strategy.

Orion CEO Tony Lennox stated that securing this level of investment would accelerate the company’s vision of developing a world-class copper and zinc operation. The Prieska project is seen as a strategic asset, given the rising global demand for copper and zinc—both critical minerals for renewable energy, infrastructure, and electric vehicle industries.

If finalized, the Glencore partnership not only provides significant financial backing but also ensures market stability through long-term offtake agreements. This deal positions Orion Minerals to play a pivotal role in the global supply of copper and zinc while boosting South Africa’s mining sector.