[miningmx.com] – PERTH copper producer, Tiger Resources, says it expects to activate the first draw-downs in the coming quarter on its revised $137.5m credit facility as the company moves to boost production by more than a third from its 95%-owned Kipoi copper project in the Democratic Republic of Congo (DRC).
Addressing the first day in Perth today of the Paydirt 2015 Africa Down Under Conference, Tiger interim CEO, Michael Griffiths, said the revised credit terms with Sydney-based funds manager, Taurus Fund Management, would ease the previous and extinguished obligations of a shorter term financing facility with Taurus.
This would in part allow the company greater flexibility and focus in financing the cost of debottlenecking its current solvent extraction (SXEW) copper operations at Kipoi.
This strategy is aimed at lifting the project’s copper cathode product from 25,000 tonnes a year to 32,500t/y with timing subject to a soon to be completed study.
Tiger has mandated Taurus to arrange an additional and separate $25m tranche to fund the current technical study, due by the end of this year, into the debottlenecking options.
