PERTH (miningweekly.com) – ASX-listed copper miner Tiger Resources has refuted speculation that the Democratic Republic of Congo’s (DRC’s) decision to ban copper and cobalt concentrate exports would affect its Kipoi project.
The ban on copper and cobalt exports was expected to come into effect during July or August this year, with the country pressing mining companies to process and refine the metals within the country’s borders.
In response to a media report over the weekend, Tiger noted that it currently sold more than 80% of its concentrate to smelters within the DRC, adding that there was strong domestic demand for the company’s product.
The remainder of the Kipoi project’s product was sold to a smelter in Zambia, with the full support of the DRC government.
Tiger pointed out that once its Stage 2 solvent extraction and electrowinning (SX-EW) plant, which was currently under construction, came on line, the company would produce a high value-added copper cathode product.
This operation was also supported by the government, with the construction of the SX-EW plant being funded by the heavy media separation operations.
Tiger, in May, announced that it was on the hunt for new capital to partly fund the development of the SX-EW plant, after Nedbank Capital decided not to participate in an $80-million debt financing facility.
FirstRand Bank, through its Rand Merchant Bank division, has already received credit approval to provide a A$15-million bridging facility, once standard financing conditions were finalised.
Additionally, Rawbank and BCDC have also offered to extend standby credit lines totalling some A$20-million.