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KEY TERMS AGREED ON US$58M
DEBT FACILITY FOR ANTAS
NORTH COPPER MINE
The Company is very pleased to announce that it has obtained from and agreed
with Banco Votorantim S.A. (Banco Votorantim) a proposal with a debt
facility in the principal amount of up to US$58M for the development of the
Antas North Copper Mine (Stage1), subject to the terms proposed therein.
This facility represents up to 80% of the capital requirements for Stage I and puts Avanco’s first copper mine within reach of being fully funded into production.
HIGHLIGHTS
Ø Up to US$58m debt facility
Ø Up to eight year term
Ø Up to two year grace period on principle repayments
Ø Commercial interest rates
Ø Commercial terms/ fees standard for this type of facility
Ø Strategy agreed to fast track bankability