Sumatra Copper secures a $5 million finance facility
Monday, March 5 2012 - 08:57 AM WIB
Australian listed miner Sumatra Copper & Gold Plc said it has accepted a committed offer of $5 Million convertible debt finance facility from Macquarie Bank Limited for progressing its wholly-owned Tembang Project in Sumatra and also for other working capital purposes.
Sumatra Managing Director Julian Ford said the successful completion of the facility underpinned the company's project development schedule. Ford added that the company is currently completing the Definitive Feasibility Study for stage 1 of Tembang, which remains on-track to commence production in 2013. "Macquarie is already a major shareholder in the company, holding approximately 9%," said Ford in the company's statement to ASX, on Monday.
Ford said that the company continues to enjoy support from its major shareholders, which also includes Newcrest and RMB Resources and is grateful for this at a time when the funding of junior resource companies is under pressure from market sentiment.
Editing by David Mustakim