Cyprium Metals (ASX:CYM) has confirmed it’s entered into a $40M offtake financing deal with mining giant Glencore.
That offtake deal underpins an agreement struck last month wherein Cyprium Metals and Glencore will team up so as to get the WA-based Nifty copper project back up and running.
Glencore is to purchase 100% of copper cathode material that comes from Nifty starting in 2026, the earliest date both parties see the plant pushing out concentrate.
Part of Glencore’s $40M loan will go towards feasibility studies for Nifty, “general corporate purposes” and repayment of an existing facility. Part of the deal requires Cyprium to raise another $20M through “any combination of equity raise, asset sales, royalty sales and … options.”
“We are pleased to announce that we have signed a binding term sheet with Glencore for an AUD40 million Loan Facility,” Cyprium EC Matt Fifield said.
“This new loan completes the refinancing of our near-term maturities which has been a top corporate priority. With that step completed, we are now heightening our focus on bringing Nifty’s copper products to market.
“We’ve been working with Glencore to streamline our access to their downstream processing facilities – the Townsville Copper Refinery and the Mt Isa Smelter.”
CYM last traded at 2.9cps.