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- Mincor Resources (MCR) has executed a $55 million syndicated facility agreement in a push towards production at its Kambalda Nickel Operations
- The operation is now said to be fully funded through to production with the remaining equity already in place
- However, Mincor will need to source an additional $35 million to provide funding for ongoing exploration and resource expansion
- The project is forecast to produce 71,000 tonnes of nickel and 5000 tonnes of copper on a life-of-mine basis, with peak annual nickel-in-concentrate production of more than 16,000 tonnes per annum
- Mincor Resources closed the day up 1.04 per cent at 97 cents per share
Mincor Resources (MCR) has executed a $55 million syndicated facility agreement in a push towards production at its Kambalda Nickel Operations.
According to Mincor, the cash injection means the development of Kambalda Nickel is now fully-funded through to production, with the remaining equity component having previously been raised and contributed.
Draw-down on the facility is subject to customary conditions precedent and is not required until later this year.
After committing an initial equity contribution of $60 million back in the September 2020 quarter, Mincor will need to source an additional $35 million at the corporate level to provide funding for ongoing exploration and resource expansion.
A definitive feasibility study for the project outlined an initial five-year operation with a pre-production CAPEX of $68 million and a peak funding requirement of $97 million.
The project is forecast to produce 71,000 tonnes of nickel and 5000 tonnes of copper on a life-of-mine basis, with peak annual nickel-in-concentrate production of more than 16000 tonnes per annum.
Mincor Resources closed the day up 1.04 per cent at 97 cents per share.
