1. Most Discussed
  2. Gainers & Losers
TGS 4.9¢

News: Tiger Resources extends Taurus facility

  1. Tiger Resources (ASX:TGS) has amended terms for the US$100 million acquisition finance facility from Taurus Mining Finance Fund to 31st January 2016 that will improve balance sheet liquidity.

    This will also enable Tiger to look at long term funding alternatives, which are now at an advanced stage.

    The facility was used to partially fund the acquisition of a 40% interest in the Kipoi Copper Project in the Democratic Republic of Congo. This is currently drawn to US$75 million.

    Under the amended terms, Tiger has the right to extend the facility from 17th October 2015 (the current expiry date of the facility) to 31st January 2016 at an interest rate of 11% per annum.

    The agreement is subject to the issue of 55 million options to Taurus with a four-year term exercisable at A$0.10, of which 7,911,609 will be issued immediately and the balance by 31st May 2015.

    “The amended terms with Taurus provide for a significant improvement to Tiger’s balance sheet liquidity through 2015 while the company continues to pursue several long term funding alternatives, which are now at an advanced stage,” managing director Brad Marwood said.

    In January, the company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25,000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.

    It also expects to be in position to confirm timing of the Phase 2 expansion to 50,000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

    Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate), which will further enhance project returns.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.