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Tiger secures more funding for Kipoi

Tiger secures more funding for Kipoi

Photo by Bloomberg

15th July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Copper miner Tiger Resources has arranged for a further A$25-million advanced payment facility from financier Gerald Metals SA to its subsidiary in the Democratic Republic of Congo.

The advance payment was in addition to the A$50-million advance payment facility currently provided by Gerald, and would provide the Tiger subsidiary with working capital for its Stage 2 solvent extraction electrowinning (SX-EW) plant, at its Kipoi operation.

Under the new agreement, the first and second advances would be combined, with a total of A$75-million repayable in 18 equal monthly instalments from January next year until June 2016.

Gerald currently has an offtake agreement for 175 000 t of copper cathode from the Kipoi project, with the full production from the SX-EW plant committed until that tonnage has been delivered.

The SX-EW plant was expected to reach full capacity by August, and would produce about 25 000 t of copper cathode in its first full 12 months of operation.

Edited by Creamer Media Reporter

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