Another company announced that they have secured f
Post# of 4018
Posted On: 04/03/2013 1:01:03 AM
Another company announced that they have secured funding from Red Kite.
US$15 million will be advanced on receipt of the key State permits allowing for the commencement of full construction of an underground mining operation. These permits are expected in Q2-2013.
Under the terms of the Concentrate Off-Take agreement, the Company will sell to Red Kite, for the life of the mine on the Eastern deposits (East & E2 underground mineable deposits and JK34 zone), such percentage of copper concentrates produced from the Eastern deposits on the Pumpkin Hollow project as is equal to the amount advanced by Red Kite to the Company under the loan agreement as a percentage of the US$200 million maximum principal amount of the loan.
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