The Conversation (0)
February 06, 2024
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it has now met all Tranche 1 conditions precedent of the senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1.
Key details of the Tranche 1 funding include1:
- Drawdown of Tranche 1 of the Loan Facility, which is USD18 million, is scheduled for this Friday, 9 February 2024.
- As a part of the Tranche 1 facility the following will be replaced and repaid, with settlement agreed between all relevant parties for Friday, 9 February 2024:
- Cloncurry Rehabilitation Bond: approximately A$13.47 million to be held on term deposit paying approximately 5% per annum interest, with bank guarantees to be issued to satisfy the Company’s obligations with respect to rehabilitation bonding requirements; and
- Dyda Property Management short term working capital loan: approximately A$5.32 million repaid in full.
- Settlement is managed by TNC’s legal representation across this matter, which includes law firms Holding Redlich & Steinepreis Paganin.
Please refer to TNC ASX Announcement, 31 January 2024 TNC secures A$42million funding for full details of the Loan Facility and its terms.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
We have now met all conditions precedent associated with Tranche 1 of our loan facility with Nebari. This achievement clears the way for the first drawdown of USD18 million, which is scheduled for this Friday, 9 February 2024.
We are looking forward to partnering with Nebari as we bring our Cloncurry Copper Project into production.
We are incredibly proud to be working alongside international top-tier funding partners like Nebari and Tembo Capital and our toll processing and offtake partner Glencore International AG, who are all global leaders in their field. Their expertise and support have been crucial in our development and demonstrate what I believe is a strong vote of confidence in our Cloncurry Copper Project and its potential.
We’re excited about restarting mining at the Cloncurry Copper Project, at a juncture when the global market is facing a looming copper supply gap.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TNC:AU
11 October 2024
True North Copper
On the path to becoming Australia’s next responsible copper producer
On the path to becoming Australia’s next responsible copper producer Keep Reading...
23h
BHP: Targeted AI Platforms Boost Efficiency, Safety and More
Modern society has a metals problem. The demands of modern consumer culture, the energy transition and the emergence of artificial intelligence (AI) and robotics have created a dilemma.As demand rises, the supply of many metals is at a bottleneck brought about by a number of factors, from... Keep Reading...
04 March
Teck VP Highlights China's Major Role in Evolving Copper Markets
Copper prices have surged since the middle of 2025, as tariffs, rising demand and supply disruptions came together to create the perfect storm for metals traders.These factors are helping raise awareness of the challenges copper producers will face in the coming years, as supply deficits are... Keep Reading...
04 March
VIDEO - BTV Visits Atlas Salt, Graphene Manufacturing, Telescope Innovations, Nevada Organic Phosphate, Maple Gold, Intrepid Metals and Nine Mile Metals
Watch on BNN Bloomberg nationalWednesday, March 4 at 7:30 PM EST & Saturday, March 7 at 8 PM EST Tune into BTV and Discover Investment Opportunities. As the resource cycle accelerates, BTV Business Television highlights companies turning exploration, innovation and strategic growth into... Keep Reading...
03 March
Hudbay to Acquire Arizona Sonoran, Creating North America’s Third Largest Copper District
Hudbay Minerals (TSX:HBM,NYSE:HBM) is doubling down on Arizona, striking a deal to acquire Arizona Sonoran Copper Company in a transaction that would create North America’s third-largest copper district.The deal gives Hudbay 100 percent ownership of the Cactus project in southern Arizona, adding... Keep Reading...
03 March
Top 10 Copper Producers by Country
In 2025, supply disruptions highlighted a growing concern as copper mines in the top copper-producing countries were aging without new mines to replace them.Additionally, copper demand from electrification is expected to rise significantly in the coming years.The competing forces of the global... Keep Reading...
02 March
Nine Mile Metals Announces Phase 1 Bulk Sample Update at Nine Mile Brook High Grade Lens of 13.71% CuEq over 15.10m
Nine Mile Metals LTD. (CSE: NINE,OTC:VMSXF) (OTC Pink: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") is pleased to announce that it is conducting Bulk Sample Metallurgical Analysis on the Nine Mile Brook VMS High Grade Lens with SGS Canada and Glencore Canada. Glencore and SGS will be... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00