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Metals X ticks loan boxes

18th September 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Metals X has completed a A$35-million loan facility agreement with Citibank after completing all the conditions precedent.

Metals X reached an agreement on the loan facility at the end of August this year, which will be used for development expenditure at the Nifty copper operation, and for capital expenditure and working capital purposes.

The facility will have a four-year term and will be repaid in quarterly arrears, starting at the end of December this year.

Metals X on Wednesday told shareholders that the company had completed the tin hedge programme required to draw down the remaining A$12.5-million of the facility, with the final draw-down expected on September 20.

Under the tin hedge programme, Metals X forward sold 3 310 t of tin, which will realise an average price of over A$25 000/t, for approximately 50% of the production over the next 18 months.

Edited by Creamer Media Reporter

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