Cyprium secures A$21m funding to advance Nifty
PERTH (miningweekly.com) – ASX-listed Cyprium Metals has secured a A$21-million loan facility with Nebari Natural Resources Credit Fund II.
The company said on Monday that the 18-month facility had refinanced the existing short-term secured loan deed with Avior Asset Management No 2 and provided working capital to advance the development of the Nifty copper project, in the Pilbara.
It is anticipated that this facility will be rolled into a larger, longer-term development financing facility in the near term, pending the finalisation of the Nifty life-of-mine study on the integrated copper oxide heap leach solvent extraction and electrowinning (SX-EW) starter operation and the larger scale sulphide openpit.
It is anticipated that the oxide heap leach SX-EW will produce 25 000 t/y of copper cathode for over seven years and that the sulphide concentrator will produce between 28 000 t/y and 40 000 t/y of copper in concentrate over 15 years. These assets will support a long mine life project in excess of 20 years.
These studies are currently underway and anticipated to be completed by the first quarter of 2024.
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