Orion brings in new empowerment partners and senior nonexecutives

Prieska headgear that Orion Minerals will bring back into production by 2021. Picture: SUPPLIED

Orion laid out the plans to have 20% black ownership of the company and a further 10% ownership split between communities and employees as it nears development of the existing mothballed infrastructure and construction of a processing plant at a cost of up to A$390m. The empowerment partners have taken up A$4m of the rights issue, while Tembo Capital, the largest Orion shareholder with a 23% stake, has subscribed for A$2m. Other shareholders have followed their rights to make up the balance of the A$8m.

A new empowerment vehicle called BEE HoldCo will then take up a 20% stake in Repli and they are entitled to fund their proportional stake in the costs of restarting Prieska, which was mined for two decades up to 1991.Black Star, which will own 67% of BEE HoldCo, is 75% held by black women and is headed by Jowell Tobias, a veteran of the Industrial Development Corporation, and Sharon Matthews, an accountant based in Kimberley.

Source: News Formal (newsformal.com)

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