PERTH (miningweekly.com) – Copper producer Tiger Resources has secured $13.2-million in funding from senior lender Taurus Mining Finance Fund.
Tiger said on Wednesday that the new finance facility will provide interim funding support for its ongoing operations in the Democratic Republic of Congo, and would allow the company to pursue initiatives designed to improve the operational and financial performance of its Kipoi copper project, including capital upgrades essential for longer-term production improvement, and management of creditors.
The finance facility’s term will extend until July 2020, unless terminated, and will have an interest rate of 8% a year, payable in cash at the end of the term. A 1% gross revenue royalty has also been imposed on the Lupoto tenement.
Meanwhile, Tiger will maintain its voluntary suspension from trading on the ASX, while it addresses its medium-term financing requirements.