Photo by: Bloomberg
PERTH (miningweekly.com) – Copper miner Tiger Resources has raised more than A$12.8-million in a share placement to its mining contractor MCK Trucks.
Tiger on Monday reported that it had issued 35.6-million shares to MCK, at 36c a share, with proceeds of the raising to be settled through the provision of mining services for the Stage 2 solvent extraction electrowinning (SX-EW) operation at the Kipoi project, in the Democratic Republic of Congo.
MCK has been the mining contractor at the Kipoi project since Tiger started copper production in 2011.
“Having MCK on our share register demonstrates the confidence and support we’ve got from the local community and strengthens our in-country relationship,” said Tiger MD Brad Marwood.
He noted that Tiger’s alliance with MCK would reduce the development cost for the next phase of work at Kipoi, while also maintaining a presence at site of a key contractor which had been an integral part of the project’s success.
The SX-EW plant was on schedule to start copper cathode production in the second quarter of this year. The plant would produce about 25 000 t of copper cathode in its first full 12 months of operation, and about 50 000 t/y in subsequent years.