TSX-listed copper developer Nevada Copper has reached financial close for a previously announced $115-million credit facility with KfW IPEX-Bank.
The net proceeds of drawdown will be used to advance the construction and development of the company’s 100%-owned Pumpkin Hollow underground copper project, located in Nevada, US.
“We are very pleased to have closed this project finance facility,” commented Nevada CEO Matthew Gili.
“KfW IPEX-Bank is a government-backed, tier-one lender and is a highly sought after and long-term project partner. KfW’s involvement with Nevada Copper not only highlights the value of the Pumpkin Hollow copper project, but also of the team that is executing on the company’s business strategy,” he added.
The KfW facility is part of the company’s broader financing package.
Construction of the underground project is under way. Once completed, the mine will produce 60-million pounds of copper in the first five years of operations, including 9 000 oz of gold and 173 000 oz of silver. Over the entire 13.5-year mine life, yearly output will average 50-million pounds of copper, as well as 8 000 oz of gold and 150 000 oz of silver.