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(Kitco News) - Cyprium Metals (ASX: CYM) announced on Monday that it has secured an 18-month, A$21.0 million equivalent USD-denominated secured loan facility with Nebari Natural Resources Credit Fund II.
The company said that the facility has refinanced the existing short term secured loan deed facility with Avior Asset Management No. 2 and provides working capital to advance the development of the Nifty copper project in Australia.
It is anticipated that this facility will be rolled into a larger, longer term development financing facility in the near term (likely within 12 months), pending the finalization of the Nifty life of mine study on the integrated copper oxide heap leach SX-EW starter operation and the larger scale sulphide open pit.
According to a press release, these studies are currently underway and anticipated to be completed by Q1 2024.
Mr Donner, an executive with Cyprium commented, “We are very pleased to have secured financing with Nebari, who are a highly respected and experienced financier of mining projects globally. We look forward to working with Nebari in relation to this facility and also potential future facilities associated with the development of the large open pit project at Nifty.”
Cyprium Metals is an ASX listed, West Australian focused copper developer and explorer with a portfolio of development opportunities with over +1.6Mt of contained copper in mineral resources. The company is focused on the near-term development of Nifty open pit heap leach copper strategy to produce LME grade A copper cathode on site.
