JSE- and ASX-listed copper developer Orion Minerals will hand its chair to its largest shareholder, Tom Borman, as the company moves its Prieska Copper Zinc Mine in the Northern Cape into construction.

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Orion said Borman will join the board as non-executive chair after the annual general meeting on 26 November 2026. He succeeds Denis Waddell, who retires at the end of that meeting after almost 18 years as chair, the longest tenure in the company's history.

A returning director with a 14.3% stake

"Delighted to be rejoining the Orion Board at such an important stage in the Company's development." – Tom Borman, incoming chair, Orion Minerals

Borman is not new to Orion. He served as a non-executive director from April 2019 to October 2023 and has since built up his holding to about 14.3% of the company's issued shares, making him its largest shareholder. Because of that stake, Orion said he will not be classed as an independent director. He will stand for re-election at the 2027 AGM.

According to the company, Borman spent more than 11 years in senior management at BHP, in corporate finance, strategy and business development. He later joined the executive team at Warrior Coal Investments, which assembled the coal assets that became the Optimum Group.

Borman said he was "delighted to be rejoining the Orion Board at such an important stage in the Company's development". In comments reported by Mining Weekly, he added that, with Glencore's backing, Orion is "entering a very exciting period in its development".

Board changes for the build phase

To strengthen independent oversight, Godfrey Gomwe, an independent director since April 2019 and chair of the audit committee, will become senior independent non-executive director after the AGM. Orion said the changes support its shift from project developer to mine builder and producer.

Waddell will not stand for re-election but will stay on as a part-time consultant. "I know that I leave Orion in great shape, with two outstanding copper assets combined with a highly prospective exploration portfolio in the Northern Cape," he said. Those assets are the Prieska Copper Zinc Mine and the Okiep Copper Project.

Glencore money now flowing

The handover follows the finalisation of Orion's financing and offtake agreements with Glencore on 19 October. The US$40 million first tranche, for the shallow Uppers section at Prieska, is now unconditional, with the first drawdown expected by the end of October. A second tranche of US$210 million for the Deeps remains subject to conditions.

Glencore will buy all Uppers concentrate for five years and all Deeps copper and zinc concentrate for at least ten years. Orion is targeting first Uppers production by the end of 2027, with ENPROTEC building a 20,000 tonne-a-month concentrator.

Why it matters

Prieska is among the most advanced new copper and zinc projects in South Africa. The board handover comes as Orion starts drawing Glencore funding and moves towards first production, a step that would add new base metals output, jobs and procurement in the Northern Cape.

Source: Orion Minerals ASX/JSE announcement, 30 October 2026; additional reporting from Mining Weekly.