logo-loader
viewTiger Resources Limited

Tiger Resources draws down $25M advance for Kipoi Copper

tiger_resources_sxew_plant_358_53c5d167a7e3b.jpg

Tiger Resources (ASX:TGS) has arranged a further $25 million advance payment facility from Gerald Metals SA, adding to the existing $50 million facility.

This is provided for working capital related to mining operations and the solvent-extraction and electro-winning plant at the Kipoi Copper Project.

It had in May started production of copper cathode from its 60%-owned Stage 2 solvent extraction electro-winning (SXEW) plant at Kipoi.

The plant is expected to produce 25,000 tonnes of copper cathode in its first full 12 months of operation.

This will ramp up to 50,000 tonnes per annum.

Under the new agreement with Gerald, the total advance amount of $75 million is repayable by Tiger in 18 equal monthly instalments from January 2015 to June 2016.

Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Tiger Resources Limited

Price: 0.049 AUD

ASX:TGS
Market: ASX
Market Cap: $97.62 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Emmerson Resources discusses recent diamond drilling...

Emmerson Resources Ltd (ASX:ERM) managing director and CEO Rob Bills updates Proactive on the first diamond drilling activities at the Whatling Hill Project in NSW.  A 1,500-metre reverse circulation (RC) and diamond drilling program is targeting an interpreted porphyry copper-gold...

5 hours, 29 minutes ago

2 min read