Avanco secures $58m funding
PERTH (miningweekly.com) – Copper developer Avanco Resources has secured a $58-million debt facility from Banco Votorantim to develop its Antas North copper mine, in Brazil, which forms part of the greater Rio Verde project.
Under the terms of the debt facility, Avanco would be required to contribute a minimum $12-million loan-equity component, and the Antas North project would need an installation licence and mining permit, or trial operating licence and trial mining permit.
The facility was also subject to a due diligence and approval by Banco Votorantim’s internal committees.
Avanco told shareholders on Thursday that it was pursuing funding of its $12-million loan-equity component by targeting transactions where the Stage 1 operation at Antas North would be fully financed with limited dilution to shareholders.
Several term sheets, including metal and royalty streaming options, were being examined.
The Stage 1 copper project would require a capital investment of some $70-million, and was expected to deliver some 12 000 t/y of copper and some 7 000 oz/y of gold. The Stage 1 development would have a life-of-mine of some nine years, and would have a net present value of $224-million and an internal rate of return of 94%.
Avanco was pursuing a staged development of Antas North, which formed part of the larger Pedra Branca project. Stage 2 development could see the production move to between 40 000 t/y and 50 000 t/y of copper metal.
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