BN Edge | Orion CEO Tony Lennox: Glencore cash, Prieska, BHP, SA mining myths, takeovers

The Prieska copper-zinc mine had stood idle for 35 years, its lower workings filling with water. After eight months of negotiation spanning South Africa, Australia, Switzerland and Canada, the first US$40m of Glencore's US$250m package finally became unconditional, with money due to flow from the end of October. Orion Minerals chief executive Tony Lennox told Alec Hogg what that first cheque unlocked, what still stood between Orion and the far larger Deeps, and why he believed the story that South Africa makes mining near impossible was overrated. He also took on the risk of selling everything to a single buyer, the exit of a long-standing shareholder, BHP's interest in the Northern Cape, and whether a junior sitting between two giants could keep rowing its own boat.