CuDeco raises cash for Rocklands
PERTH (miningweekly.com) – Copper developer CuDeco has struck a deal with Chinese investment group Focus Sun Holdings, which would result in a A$50-million capital injection to complete the Rocklands project, in Queensland.
Under the terms of the agreement, some 40-million shares would be issued at a price of A$1.25 each, to raise the capital. The funds would be received in two tranches, with the first tranche of A$5-million already received.
The second tranche of A$45-million would be payable on Foreign Investment Review Board approval, as well as CuDeco shareholder approval.
On the completion of the share placement, Focus Sun would receive a further 20-million options, exercisable at A$1.25 each, at any time within two years, with the Chinese group also allowed to appoint one executive director to the CuDeco board.
In addition to the Focus Sun agreement, CuDeco had also placed a further 1.2-million shares, priced at A$1.25 each, for a further A$1.5-million. The placement was agreed to as a means to introduce a strategic investor to the company’s register.
CuDeco said on Monday that the capital raised would be sufficient to complete capital works at the $300-million Rocklands mineral processing facility, and to provide the company with sufficient working capital to satisfy the listing requirements for the Hong Kong Stock Exchange.
The Rocklands project is expected to include a three-million-tonne-a-year processing plant, and will produce 480 000 t/y of copper/gold, pyrite/cobalt and magnetite concentrate. The processing facility was due for commissioning in late July, or early August.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...
VISIT SHOWROOM
Occupational health services, mobile clinics, wellness campaigns, aviation.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
