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Cupric Canyon Capital and Khoemacau Copper Mines Announces Signing

Cupric Canyon Capital and Khoemacau Copper Mines Announces Signing

Cupric Canyon Capital and Khoemacau Copper Mines announces the signing of US$565 million of funding for construction of the Khoemacau Copper Silver Project in Botswana

Gaborone / Cayman Islands – February 25, 2019 – Cupric Canyon Capital, the owner of the Khoemacau Copper Silver Project, is pleased to announce major progress towards the construction of what is to be a major copper and silver mine in northwest Botswana.
Cupric and Khoemacau (together referred to as the “Company”) announced the signing of a US$565 million project funding package to commence development of its high-quality Khoemacau copper silver underground mining project in Botswana. The financing highlights include:

• US$565 million of funding including a US$275 million senior debt facility from Red Kite Mine Finance (“RKMF”), a US$265 million silver stream from RGLD Gold AG (“RG AG”), a wholly owned subsidiary of Royal Gold, Inc. (“Royal Gold”), and a US$25 million subordinated debt facility from RG AG (the “Project Funding Package”).
• The Project Funding Package will be used for construction of the Company’s 3.6 million tonne per annum Starter Project at Khoemacau processing ore from the 91 million tonne resource1 at a head grade of 2.02% copper and 21.4g/t silver copper.
• The direct construction cost of the Starter Project is US$397 million over a two-year construction timeline. First copper concentrate production is expected in the first half of 2021, with initial annual production averaging 62,000 tonnes copper and 1.9 million ounces of silver.

DOWNLOAD PDF: Cupric Canyon Capital and Khoemacau Copper Mines Signing