- Cyprium Metals (CYM) executes a Letter of Intent (LOI) with Glencore for a $50 million offtake prepayment facility for its Nifty Copper project in Western Australia
- The facility would help fund the restart of the project, including capital expenditure, contingencies, working capital, and financing costs
- In return, Glencore will receive 100 per cent of the copper cathode produced during phase one of the project’s restart
- Glencore will also assist with outstanding due diligence activities and documentation to secure finance for the project’s execution
- Shares in the company last traded at 12.5 cents on June 24
Cyprium Metals (CYM) has executed a Letter of Intent (LOI) with Glencore for a $50 million offtake prepayment facility for its Nifty Copper project in Western Australia.
The facility would help fund the restart of the project, including capital expenditure, contingencies, working capital, and financing costs.
In return, Glencore will receive 100 per cent of the copper cathode produced during phase one of the project’s restart.
Glencore will also assist with outstanding due diligence activities and documentation to secure finance for the project’s execution.
Managing Director Barry Cahill said he was pleased to work with Glencore.
“The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process,” he said.
“We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans.”
Cyprium Metals shares last traded at 12.5 cents each on June 24.