Finders strikes $18m advance payment deal
PERTH (miningweekly.com) – ASX-listed Finders Resources, through its subsidiary PT Batutua Tembanga Raya (BTR) has entered into an $18-million advance payment transaction with Posco Daewoo Corporation.
The advance payment to BTR is in exchange for 4 800 t of copper cathode, which will be delivered in shipments of 400 t a month over the next 12 months, starting in February.
Finders noted that 60% of the value of each shipment will offset the advanced payment amount over the first nine months, and could be adjusted in the final three months to ensure that the advanced payment has been fully offset.
Meanwhile, BRT has also amended an unsecured subordinated debt facility with PT Merdeka Copper and Gold by $25-million, with Tranche 3 of $15-million to be used by the end of March this year, and Tranche 4 of $10-million to be used on the unanimous agreement of Merdeka and Daewoo.
The total amount under the shareholder loan is $38.8-million, after Posco Daewoo exercised its right to provide its 22% pro-rata share of Tranches 1 and 2 of the shareholder loan.
Finders said on Tuesday that the funds from the advanced payment and the amended shareholder loan will be used for the final payments of the secured project facility agreement for the Wetar copper project, as well as working capital.
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