PERTH (miningweekly.com) – Copper miner CuDeco has halted share trading as it finalises the refinancing of its China Minsheng Banking Corporation finance facilities.
Under the refinancing proposals being considered, the $4.9-million Facility B will be repaid by the end of October this year, while the $60-million Facility A will be repaid by the end of December 2017, in instalments.
Under the existing agreements, the repayment of $20-million from Facility A is due by the end of October, while the balances of the facilities are to be repaid by the end of January 2017.
CuDeco told shareholders on Friday that the company’s directors would be unable to sign the financial statements for the year ended June until approvals for the refinancing were received.
The company said that it was confident that the refinancing would be approved, based on its discussions with the bank, which was preparing the required documentation to give effect to the refinancing.
CuDeco in August delivered its first shipment of sulphide copper concentrate from the flagship Rocklands operation, near Cloncurry.