PERTH (miningweekly.com) – Copper cathode producer Tiger Resources has secured a $162.5-million finance facility with Taurus Mining Finance Fund and the International Finance Corporation (IFC).
Taurus would provide $122-million and the IFC the balance.
The facility would have a 99-month term to the end of January 2024, with an interest-only period to January 2017. It was repayable at any time without financial penalty.
The funding would be used to refinance existing debt facilities with Taurus and Gerald Metals, as well as to cover expansion costs at the Kipoi copper project, in the Democratic Republic of Congo.
Tiger on Friday said the facility would provide the company with a full solution to the two-tranche funding package of $137.5-million refinance facility and the $25-million expansion facility.
The miner was hoping to expand the Kipoi solvent extraction and electrowinning (SX-EW) plant from 25 000 t/y to 32 500 t/y, with the expansion targeted for completion by November 2016.
First drawdown of the new funding facility was expected in December, subject to financing commitment.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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