https://www.miningweekly.com

Tiger secures massive funding package

23rd October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Copper cathode producer Tiger Resources has secured a $162.5-million finance facility with Taurus Mining Finance Fund and the International Finance Corporation (IFC).

Taurus would provide $122-million and the IFC the balance.

The facility would have a 99-month term to the end of January 2024, with an interest-only period to January 2017. It was repayable at any time without financial penalty.

The funding would be used to refinance existing debt facilities with Taurus and Gerald Metals, as well as to cover expansion costs at the Kipoi copper project, in the Democratic Republic of Congo.

Tiger on Friday said the facility would provide the company with a full solution to the two-tranche funding package of $137.5-million refinance facility and the $25-million expansion facility.

The miner was hoping to expand the Kipoi solvent extraction and electrowinning (SX-EW) plant from 25 000 t/y to 32 500 t/y, with the expansion targeted for completion by November 2016.

First drawdown of the new funding facility was expected in December, subject to financing commitment.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Craig Miller Technical Services (CMTS)
Craig Miller Technical Services (CMTS)

CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...

VISIT SHOWROOM 
ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.057 1.558s - 128pq - 2rq
Subscribe Now