Nifty's funding talks fail to deliver
PERTH (miningweekly.com) – ASX-listed Cyprium Metals has been forced back to the drawing board after failing to secure funding to restart its Nifty copper project, in the Pilbara.
The company has called off a previously announced share placement to raise A$35-million after its negotiations with international debt capital market investors for a debt funding package of between A$240-million and A$260-million failed to deliver, with terms proposed by funders not being commercially satisfactory to the company.
The company’s share placement plans had been contingent on the debt funding package being available, and as a result, the equity raise could not proceed in its current form.
Cyprium said on Thursday that the company was now evaluating possible alternative funding arrangements to finance the restart project. The company added that concluding the terms of possible alternative funding arrangements would take several weeks to complete.
The previously completed restart study estimated that Cyprium will require a capital injection of A$149-million to restart Nifty, allowing the project to produce 25 000 t/y of copper cathode.
The restart is focused around the first phase of heap leach retreat and oxide openpit, and it is envisaged that the life will extend to the sulphide stage of the openpit with a considerably larger resource available.
Cyprium had planned to start the production of copper metal plate at Nifty in the first half of 2024.
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