Avanco secures final funding for Antas North
PERTH (miningweekly.com) – Copper developer Avanco Resources has secured a $12-million investment from shareholder BlackRock World Mining Trust, to assist in financing its Antas North project, in Brazil.
The BlackRock investment would see Avanco secure the shortfall funding required to develop the $70-million Antas North project. In June, it secured a $58-million senior debt facility.
Under the terms of the agreement, BlackRock would provide the funding in return for net smelter return royalty payments of 2% on the copper production and 25% on the gold production, as well as 2% on any other metals produced during Stage 1 operations and the Pedra Branca licence areas.
The transaction was conditional upon the completion of a number of Stage 1 activities, including the publication of a Joint Ore Reserves Committee-compliant reserve statement, and the receipt of a mining licence for the Stage 1 operation.
The Stage 1 copper project was expected to deliver some 12 000 t/y of copper and some 7 000 oz/y of gold. The Stage 1 development would have a life-of-mine of some nine years, and would have a net present value of $224-million and an internal rate of return of 94%.
Avanco was pursuing a staged development of Antas North, which formed part of the larger Pedra Branca project. Stage 2 development could see the production move to between 40 000 t/y and 50 000 t/y of copper metal.
If new project discoveries were made outside the Stage 1 and 2 areas, and were priorities over the Pedra Branca holdings, the two companies would also work to agree that the royalty would apply to the new project.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
