PERTH (miningweekly.com) – Copper miner CuDeco has told shareholders that the company is progressing options to service the repayment of $15-million debt that is due in March.
CuDeco said on Friday that preliminary discussions were under way with China Minsheng Bank, with the board also reviewing options for future funding opportunities during the current "challenging" market period.
The company has reiterated its confidence in securing the necessary financial support to ensure the success of the Rocklands copper mine, in Queensland, pointing out that more than A$20-million in cash has already been received for copper shipments.
Two shipments scheduled for January have been slightly delayed, with some 500 t of native copper shipped on February 2 and a further 4 000 t of copper concentrates scheduled for departure on February 4.
A similar volume of copper concentrates is scheduled for shipping in the first week of March.
The A$640-million Rocklands project is expected to produce an average of 18 347 t/y over an initial ten-year mine life.
Edited by: Creamer Media Reporter
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