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Trigon raises cash for Namibia copper mine restart

25th August 2021

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Canadian junior Trigon Metals plans to raise C$5-million to fund the restart of the Kombat copper mine in the Otavi mountainlands of Namibia.

The TSX-V-listed explorer and developer on Tuesday announced a nonbrokered private placement financing of up to 12.5-million units at C$0.40 each.

Each unit would comprise of a common share and one-half of a common share purchase warrant. Each warrant would entitle the holder to acquire one share at C$0.50 a share for a period of 24 months after the closing of the offering.

The company’s stock fell sharply on Tuesday, closing 13.5% down at C$0.42 a share.

Trigon’s Kombat project comprises three mining licences, which produced about 12.46-million tonnes of copper between 1962 and 2008 at a grade of 2.62%.

The company plans to restart openpit mining at Kombat in late 2021. Its initial target is to produce 4 000 t of copper in concentrate for 2022, by accessing ore from the openpit. This will increase to 14 500 t of copper in concentrate in 2024, when higher grade underground ore will be accessed.

The project has a combined openpit and underground indicated mineral resources of 12.2-million tonnes at 1.94% copper, 13.65 g/t silver and 0.70% lead.

Edited by Creamer Media Reporter

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