HIGHLIGHTS
- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:
o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the
o AUD50M Secured Offtake Prepayment Facility
- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the
- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation
Managing Director
"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the
The restart project economics are very robust, and we have continued to make further improvements to the
We are looking forward to completing our total funding package so that we can commence executing our
This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the
Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.
Key Terms of the Copper Cathode Prepayment Facility
Indicative terms - Offtake
- 100% of Copper Cathode produced at the
- Offtake pricing of copper cathode shipments determined by reference to average market rates
Indicative terms - Prepayment Facility
- Facility amount: AUD50 million
- Facility term: 60 months
About
Contact:
Executive Director
T: +61 8 6374 1550
Chief Financial Officer
and Company Secretary
Investor and Media Relations
E: lexi@janemorganmanagement.com.au
T: +61 404 577 076
E: info@cypriummetals.com
Copyright (C) 2022 ABN Newswire. All rights reserved., source