Nevada Copper has agreed to non-binding terms with a senior lender KfW IPEX-Bank GMBH for a $15mn loan with a three-year tenor. The company had been seeking financial packages to ramp-up operations going into 2021, as per a company press release.
The company is also in midst of discussions with other lenders for a combined financial package of $30mn, which could come through by the end of the year.
The company recently states it will continue to progressively ramp up the mill capacity from 5,000mt per day. The company’s average stope development grades in October were over 2pc of copper equivalent grades. In October, the company’s copper concentrate production was up by 140pc from September. The company continued to deliver copper concentrates as per the offtake agreement.
Nevada Copper is a copper producer and owns the Pumpkin Hollow Project with reserves of copper, gold, and silver. The project is in its production stage, said the company. The Pumpkin Hollow operations can produce 65mn lbs of copper equivalent annually, with a possibility of expanding further with financial boosts.