Katanga Drawing Down $515.5 Million Loan to Fund DRC Mine Expansion

Mining Weekly reported that Katanga Mining is drawing down $515.5 million from its senior secured facility backed by Glencore to fund part of the Phase four expansion of Katanga’s copper/cobalt mine in the DRC.

As quoted in the market report:

Phase 4 of the company’s expansion plans include an upgrade of the power infrastructure, which is expected to decrease frequent power disruptions at the complex; the start of mining at the extension to the T17 openpit and the completion of the feasibility study for a potential underground mine at the T17 deposit.

To view the whole Mining Weekly report, click here.

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FormationMETALSLogo_LARGE_PMS7462_250Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.

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