Lender Trafigura Pte LtdCommitment US$65,000,000 converted into Australian dollars at the drawdown, $A100m
Use of proceeds To restart the Woodlawn Copper-Zinc Mine Conditions to utilisationCustomary conditions precedent for facilities of this nature including:• execution of finance documents;• providing key project authorisations; • insurance; and• other key consents to the grant of security.
SECURITY - Senior security customary for a facility of this nature including:• security over all of the assets of the Borrower and Woodlawn Mine Holdings Pty Ltd (including the share capital of the Borrower owned by Woodlawn Mine Holdings Pty Ltd),subject to certain pre-conditions; • specific security over certain project tenements and other assets related to the Woodlawn Project and owned by Tarago Explorations Pty Ltd; and• security over all of the assets of Venturex Sulphur Springs Pty Ltd.
Value of the security in excess of $A400M plus.
Trafigura is one of the largest metals trading companies in the world. As you can see for DVP to restart the Woodlawn Mine, which I note will be producing within 6months of receiving this loan, required security of 4 times the loan amount. This security is solid assets.
DVP also have $A40m in the bank.
AAU is not a company that Trafigura would look at unfortunately. As I said I hope Brain can find another option. If so tell us about it.
AAU Price at posting:
0.4¢ Sentiment: None Disclosure: Held
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