Tambo Capital Mining Fund II exits shareholding in Orion Minerals
Private equity firm Tembo Capital Management has disposed of its shareholding in JSE- and ASX-listed diversified metals exploration company Orion Minerals.
Tembo Capital CEO David Street remarks that the Tembo Fund II has been actively involved in the development of Orion since the acquisition of its South African assets in 2017.
“With the combination of the fund nearing the end of its term and the Prieska copper/zinc mine being very close to a construction decision, it is an appropriate time for the fund to exit,” he says.
Tembo Capital’s shares have now been acquired by longstanding shareholder Thomas Borman and an unnamed South African institution and recent shareholder.
Meanwhile, Orion MD and CEO Tony Lennox expresses his gratitude for the funding support received from Tembo Capital, which began in 2017.
He says Orion’s strategy remains focused on increasing the development at the Prieska cooper/zinc mine, in South Africa’s Northern Cape province.
“We are excited to be moving into the next phase of Orion’s development, with the Prieska mine’s construction decision imminent and are grateful to have supportive shareholders that will help us deliver our strategy,” Lennox comments.