PERTH (miningweekly.com) – Copper miner Tiger Resources has reached an agreement with the senior lender group of its $162.5-million financing facility to extend the repayment date.
Tiger on Friday said that both the first repayment installment of $1.625-million and the second scheduled repayment of $812 500 would now only be due in June this year, while a number of other conditions under the financing facility was also extended or waived.
Should these conditions not be satisfied, extended or waived until June, it would become an event of default under the senior finance facility agreement.
This was the second time that the repayments of the $162.5-million financing facility has been pushed back until May 1, after initially having been due in January.
A portion of the facility was used to refinance the previous secured debt facilities with Taurus and financier Gerald Metals SA, while the balance provided expansion capital for the debottlenecking initiative to increase the capacity of the Democratic Republic of Congo-based Kipoi mine’s solvent extraction and electrowinning plant to 32 500 t/y.