PERTH (miningweekly.com) – Copper miner Tiger Resources has signed a second deed of forbearance with its senior lender group, replacing the initial deed that will conclude on October 24.
Under the deed, the company’s lenders have agreed to continue to waive repayment of principal and to capitalise on interest on existing secured debt facilities until the end of October 2019.
The deed enables Tiger to focus on the implementation of an updated life-of-mine plan for the Kipoi copper project, and to realise the inherent value of the operation, Tiger said on Friday.
The deed also provided the company with the platform to use its best endeavours to facilitate investment in the company to restructure its balance sheet and recapitalize the company.