Our BEE Partners
In April 2019, Orion Minerals announced a pivotal Black Economic Empowerment (BEE) equity participation deal and capital raising (refer ASX release 16 April 2019). As a result of these interrelated transactions, Orion has achieved accelerated compliance with the ownership aspects of the South African Mining Charter (MC3).
The key elements of these pivotal BEE transactions included:
- A major value-enhancing restructure of BEE holdings at the Prieska Project level, securing strong technical and financial BEE partners, including employees and local Prieska community members.
- High-profile black South African investors subscribing for A$4 million of Orion shares on the JSE, as part of a landmark A$8 million capital raising, including A$2 million subscribed for by investors who signed an MoU to become BEE partners at the Prieska Project level.
- Founding BEE partners exchanging their shares at Prieska Project level for Orion shares at the listed level.
- New BEE partners acquiring a 20% holding at the Prieska Project level, which will see them fund their proportionate share of Prieska Project development costs.
As a result of this restructure, all Orion BEE partners will be aligned as shareholders at the ASX-JSE listed level, sharing the equity risk and reward on equal terms with other Orion shareholders.
Orion also secured the equity participation in terms of MC3 with the engagement of highly experienced BEE entrepreneurs, including Prieska-born, female executives with successful mining, banking and commercial backgrounds.
To read more about our BEE restructuring, click here
To read more about our key BEE Partners, click here