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Tiger Resources draws down $25M advance for Kipoi Copper

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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.

 

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