Cyprium secures A$40m loan with Glencore
ASX-listed Cyprium Metals on Friday announced a binding term sheet with diversified miner Glencore for offtake financing from the Nifty copper mine on the western edge of the Great Sandy desert in the north-eastern Pilbara region.
In terms of the binding term sheet, Glencore would provide a A$40-million senior secured loan facility with a four-year term to Cyprium.
The funds would be used to repay existing senior secured facility, advancing early works and feasibility studies at Nifty and for general corporate purpose.
“This new loan completes the refinancing of our near-term maturities which has been a top corporate priority. With that step completed, we are now heightening our focus on bringing Nifty’s copper products to market,” said executive chairperson Matt Fifield.
“Commercially, we have advanced our relationship with Glencore significantly. First, our offtake agreements for copper products are in final form. We expect to execute them alongside the loan facility in the coming weeks.”
“Next, we’ve been working with Glencore to streamline our access to their downstream processing facilities – the Townsville Copper Refinery and the Mt Isa Smelter. We have already executed a small sale of off-spec material to work through logistics from Nifty mine site to Townsville.”
“Finally, we have settled the physical specifications in our concentrate sales terms. The Nifty orebody makes a clean concentrate that is low in certain impurities. We expect it will be a useful component of blended ore feed at Mt Isa as it becomes available.”
“Cyprium is one of the near-term expected suppliers of Australian copper,” said a Glencore spokesperson. “We are pleased with our growing strategic commercial partnership. This is another example of Glencore working with other Australian miners to develop and bring critical minerals and metals to market.”
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