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Orion Minerals Advances Glencore Financing, Offtake Agreements; Shares Up 5%

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Orion Minerals (ASX:ORN) has taken major steps toward finalizing its Glencore financing and offtake arrangements, securing South African Reserve Bank approval, progressing the intercreditor agreement with Triple Flag Precious Metals, and moving Glencore offtake agreements into final form, according to a Friday Australian bourse filing.

The progress is expected to make tranche A of the financing unconditional and enable drawdown by the end of August, paving the way for construction of the Upper Zones to begin, per the filing.

Tranche B remains contingent upon Glencore obtaining third-party, non-recourse financing to meet its prepayment obligations, the filing added.

The company's shares rose around 5% in recent Friday trade.

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