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secures further funding

  1. jembsb

    2,309 Posts.
    Lafayette Mining attracts additional funding partners

    Rapu Rapu project surges ahead

    The Rapu Rapu project continues to attract solid funding support with another two banks today
    announcing they have received credit approval to join the project's funding syndicate.
    Korea First Bank and Investec Bank of South Africa will join Rothschild, ANZ and ABN AMRO in
    providing the project's total required debt facility of US$35 million.
    The Rapu Rapu project is scheduled to produce copper, gold, silver and zinc to the value of
    US$350 million over the initial six-year life, although recent exploration results indicate that there
    is considerable potential to extend the project.
    Managing Director Andrew McIlwain said the addition of Korea First Bank and Investec has
    highlighted the attractiveness of the Rapu Rapu project to the banking community.
    "There has definitely been a significant appetite for the project across both the Australian and
    international banking sectors," McIlwain said. "As with any new project, it is reassuring to know
    that our confidence in the Rapu Rapu project is shared by the banking sector, as evidenced by
    the fact that we received credit approvals well in excess of the US$35m required.”
    “Today's decision further highlights the robustness of the project," he said.
    About Lafayette Mining Limited (ASX: LAF)
    Soon after floating on the Australian Stock Exchange in 1997, Lafayette, through its subsidiary
    companies and Philippine partners, acquired an interest in the Rapu Rapu exploration project in
    the Philippines.
    Detailed feasibility studies of the Rapu Rapu mineral resource support a mine plan where annual
    production of approximately 10,000 tonnes of copper in concentrates, 14,000 tonnes of zinc in
    concentrates, 50,000 ounces of gold and 600,000 ounces of silver. Production is expected to
    commence in the final quarter of 2004.
    The Project has secured all Government and environment approvals necessary for its
    development, together with access to approximately 230 hectares of land on Rapu Rapu Island,
    being all the land required for the Project and its associated infrastructure.
    Lafayette Mining Limited
    The Project has a guaranteed maximum price construction contract with Leighton Contractors
    (Philippines) Inc. covering the plant, tailings storage facility and camp.
    Construction time to first metal production for the gold plant is scheduled for nine months with
    concentrate production to commence five months later.
    The Project is being financed by a number of banks being lead by N M Rothschild & Sons
    (Australia) Limited and co arranged by ANZ Investment Bank and ABN AMRO Bank NV
    (Australian Branch).
    The Project has also secured the support of LG International Corporation and KORES, the
    Korean government strategic resources investment arm, whom together, hold 26% of Lafayette’s
    subsidiary company, Lafayette Philippines Inc.
    Significant exploration potential exists on Rapu Rapu Island, with a comprehensive exploration
    program currently being undertaken.
    For further information, visit: www.lafayettemining.com

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