PERTH – Copper/gold miner Sandfire Resources has completed a $60-million uplift to the Motheo finance facility, from $140-million to $200-million to support the 5.2-million tonne a year expansion of the project.
The company on Thursday said that the finance facility would maintain its overall seven-year tenure to June 2029, with the usual conditions precedent to be satisfied ahead of the first draw-down in the coming weeks. Motheo produced its first copper concentrate in May of this year, and reached commercial production some 45 days later. The expansion project would see the processing capacity increase from the current 3.2-million tonne a year rate to 5.2-million tonnes a year by the end of December next year.
“The uplift of the Motheo finance facility highlights the confidence that our international banking syndicate has in the Motheo operations, and we appreciate their support,” said Sandfire CEO and MD“In parallel, our first shipment of copper concentrate signals the commencement of cash flow generation and earnings at Motheo.
“We see an enormous potential to create value for our stakeholders from our strategic position in the highly prospective Kalahari Copper Belt. This year we will test an open extension of the high grade A4 Deposit and undertake a medium density drilling program of the newly discovered A1 mineralised zone with the objective of identifying a maiden mineral resource. We will also test numerous other targets within economic distance of the Motheo processing facility,” said Harris.
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