KBL repays Carpi debt
PERTH (miningweekly.com) – ASX-listed KBL Mining has received the first payment of $13.6-million of a $23-million metals offtake agreement signed earlier this month with US-based Quintana Minerals Corporation.
The payment has enabled KBL to repay the A$12.6-million owed to Capri Trading, which recalled the debt earlier this month.
KBL’s dispute with Capri regarding a default notice on the debt and allegations that the company had withheld relevant information from shareholders, would appear before the New South Wales Supreme Court on April 8 and 9.
Meanwhile, with the first of the Quintana funding received, three of the investor’s nominees have been appointed to the KBL board.
KBL has also issued the US investor with more than 49-million unlisted options, entitling the holder to subscribe for one fully paid ordinary KBL share, at a price of 2.47c each, prior to March 16, 2018.
“The Quintana agreement fully funds the development of the carbon-in-leach plant, zinc circuit and lead cleaner, clearing the way for Mineral Hill to increase its production to 330 000 t/y of ore, and puts the difficulties of the last year behind the company,” said KBL chairperson Jim Wall.
KBL has been operating the refurbished processing plant at the Mineral Hill mine since October 2011 to produce copper concentrates. During the refurbishment period, plant upgrades were identified to increase the plant capacity from 200 000 t/y to 250 000 t/y.
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
Astore Keymak is one of South Africa’s leading suppliers of high-quality Thermoplastic Pipeline Systems, with branches in the major provinces.
VISIT SHOWROOM
Press Office
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
