Nevada Copper Corp. contracted a $378 million construction financing and recapitalization package designed to provide a comprehensive funding solution and clear pathway toward first production in 2019 from the Pumpkin Hollow copper mine.
“This financing is a pivotal moment for Nevada Copper,” Nevada Copper Chairman Evgenij Iorich said in a Dec. 22 press release. “… [T]his construction financing package positions the company to move forward with those plans with the aim of realizing first production from Pumpkin Hollow in 2019 and the optimization of the Open Pit in 2018.”
Nevada Copper is poised to transition to producer status from its strategic mineral assets in its 100 percent owned Pumpkin Hollow, the only fully permitted copper project of scale in the U.S., consisting of two proposed copper mines: a near-production, high-grade underground mine with an existing production-size shaft and infrastructure, and a large-scale open pit project with resource upside and optionality to pursue a staged-development plan.
The financing package is designed to provide a comprehensive funding solution for the restart of construction of the underground project and to position Nevada Copper for anticipated first production in 2019; and open pit project extension drilling and optimization works to commence in the first quarter of 2018.
The $378 million construction financing and recapitalization package is to be provided by Triple Flag Mining Finance Bermuda Ltd., Pala Investments Ltd., Red Kite Mine Finance, Concord Resources Ltd., and others.