[South Africa] Orion Minerals lists on the Johannesburg Stock Exchange
Orion Minerals, an Australian base metals firm with an active exploration and development programme in South Africa, has listed in the Gold Mining sector on the Main Board of the Johannesburg Stock Exchange (JSE). The company is the 13th to list on the bourse this year.
Prejelin Naggan, Head of Primary Markets at the JSE, says the exchange is privileged to welcome a new foreign company to the market and the South African economy. "The JSE is proud to be able to assist Orion Minerals in its development strategy in South Africa. This listing is testimony that this country continues to draw global companies, and the listing will also broaden the range of mining assets to which investors can get exposure on the JSE."
Naggan says by listing on the JSE, Orion Minerals can grow its potential South African investor pool. "The listing gives Orion Minerals access to the deep pools of capital that flows through the JSE and it therefore offers a platform for the company to expand its fund-raising opportunities."
Orion Minerals is an exploration company focussing on zinc, copper, nickel, gold and platinum-group elements in South Africa and Australia, where it has a primary listing on the Australian Securities Exchange (ASX).
This primary listing enabled the company to make use of the JSE's fast-track listing process for companies which have been listed on the ASX, the London Stock Exchange, the New York Stock Exchange and the Toronto Stock Exchange for a period of at least 18 months.
As such companies meet all of the listing requirements of these exchanges, the time and costs associated with listing on the JSE can be greatly reduced through the fast track listing process.
Errol Smart, CEO of Orion Minerals, says the listing is a momentous day for Orion Minerals. "We are very proud to be a part of the prestigious JSE family. We view the JSE listing as providing Orion Minerals with an additional market for the efficient funding of our South African projects, and to raise our profile in the country.
"Our key project is the advanced Prieska Zinc-Copper Project, which was previously operated between 1971-1991, and is located in the Northern Cape. Orion has a proven track record, with an experienced leadership and technical team, and we are confident that we can fast track development at Prieska, which has near-term production potential".
The gold mining sector, has a total market capitalisation of nearly R160 billion and contributes 1% to the overall market capitalisation of the JSE.