Orion Minerals (ASX:ORN) said that its subsidiary, Prieska Copper Zinc Mine, is progressing toward finalizing a binding financing and concentrate offtake agreement with a wholly owned subsidiary of Glencore for the Prieska project, according to a Thursday filing with the Australian bourse.

The company had previously signed a non-binding term sheet with the Glencore subsidiary for $200 million to $250 million in financing and a concentrate offtake arrangement, per a September filing.

Glencore's technical, financial, and legal due diligence is nearly complete, and both companies are finalizing binding terms, including the intercreditor agreement, with execution expected by mid-December, the filing added.