Blackthorn Resources Limited (ASX:BTR) has reached an agreement with Glencore International regarding an additional JV based financing solution of up to $US80 Million.
The funding is for the commissioning of the Perkoa zinc project in Burkina Faso and to cover capital requirements during its first year of production.
Blackthorn says the agreement means it will not be required to raise capital for the project and allow it to maintain a material economic interest.
The mineral explorer says the agreement will also allow it to preserve cash from its 2012 capital raising, undertaken to progress its wholly owned Mumbwa copper project in Zambia.
Blackthorn Resources reported a $4.99 million loss in fiscal 2012.
BTR Price at posting:
97.0¢ Sentiment: None Disclosure: Held
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