Nevada Copper Announces $378-million Financing and Recapitalization Package

Nevada Copper Corp. (TSX:NCU) announced that it has entered into arrangements for a $378-million construction financing and recapitalization package. According to the company, the deal will allow it to bring its Pumpkin Hollow copper project into production in 2019.
As quoted in the press release:

Nevada Copper is now poised to transition to producer status from its strategic mineral assets in Pumpkin Hollow, which is the only fully-permitted copper project of scale in the United States, comprising two proposed copper mines:

• A near-production, high-grade underground mine with an existing production-size shaft and infrastructure (the “Underground Project”); and

• A large-scale open pit project with resource upside and optionality to pursue a staged-development plan (the “Open Pit Project”).

The financing package is designed to provide a comprehensive funding solution for:

• The restart of construction of the Underground Project and to position Nevada Copper for anticipated first production in 2019; and

• Open Pit Project extension drilling and optimization works to commence in Q1 2018.

All dollar amounts in this announcement are presented in U.S. dollars unless otherwise noted.

Evgenij Iorich, chairman of Nevada Copper, commented:

This financing is a pivotal moment for Nevada Copper. Having previously announced the appointment of a new COO, the pre-feasibility study for an optimized high-grade Underground Project, and the optimization plan for the large-scale Open Pit Project, this construction financing package positions the company to move forward with those plans with the aim of realizing first production from Pumpkin Hollow in 2019 and the optimization of the Open Pit in 2018.

Click here to read the full Nevada Copper Corp. (TSX:NCU) press release.