Blue Moon lands $140m package for Norway copper mine
TSX-V-listed Blue Moon Metals has lined up as much as $140-million in funding from Hartree Partners and Oaktree Capital Management to advance its flagship Nussir copper project in Norway.
The company on Wednesday announced a memorandum of understanding with the two firms that includes a $25-million bridge loan, a $50-million senior secured term loan, a $70-million precious metals stream and up to $20-million in equity. The deal remains subject to approvals and closing conditions.
The bridge loan agreement has been executed, with funds expected to be available shortly. Oaktree has also subscribed for $5-million in initial equity, with the issuance set to close around August 25, pending regulatory approval.
“Securing this strategic investment marks a major milestone for the company,” CEO Christian Kargl-Simard said. “The bridge loan and equity provide us with $30-million in available capital needed to ensure development momentum, while the broader financing package establishes a clear path to full project funding in a well-balanced approach in a manner that aligns with long-term shareholder interests.”
Proceeds from the bridge loan and equity will be used for early works such as detailed engineering, procurement of long-lead items and underground development at Nussir. The project is fully permitted.
The broader package is designed to take the project through construction and into production, with the streaming agreement covering 70% of payable gold and 75% of payable silver output, subject to step-down provisions once certain volumes are delivered.
In June, the European Commission designated Nussir as a Strategic Critical Raw Material project under the 2023 EU Critical Raw Materials Act (CRMA), which aims to diversify critical mineral supplies and reduce reliance on China.
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