https://www.miningweekly.com

Nevada Copper improves its balance sheet

13th October 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Base metals producer Nevada Copper on Tuesday announced “transformative” balance sheet improvements, which sent the troubled producer’s stock up 25%.

The owner of the Pumpkin Hollow mine, in Nevada, entered into an agreement with its senior project lender, KfW-Ipex Bank, and a nonbinding term sheet with its biggest shareholder, Pala Investments, to provide additional financing.

The company also secured a significant deferral and extension of its debt facilities.

Newly appointed CEO Randy Buffington said that the balance sheet improvements would provide the company with significant additional runway as it ramped up underground operations at Pumpkin Hollow.

“The ongoing support of two of our major stakeholders provides further validation of the significant inherent value of our copper operations in Nevada and allows us to continue to pursue the growth potential embedded within our asset base,” said Buffington.

Nevada Copper’s stock traded at C$0.99 a share on Tuesday, giving it a market capitalisation of C$183-million. Its share price is still well below its 52-week high of C$31.50 apiece.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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