Copper

Turquoise Hill Announces First Drawbell Firing

Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") today announced that the first drawbell of the Hugo North underground mine at Oyu Tolgoi ("OT") is scheduled to be fired on 17 June 2022. This is ahead of expectations and represents continued progress in terms of caving related milestones.

The Company is assessing any net positive impact that this may have on timing of sustainable production of Panel 0 which is currently forecast in the first half of 2023 and will update the market as appropriate.

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Corporation's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "likely," "may," "plan," "seek," "should," "will" and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the nature of the Corporation's ongoing relationship and interaction with the Government of Mongolia with respect to the continued operation and development of Oyu Tolgoi as and when the key agreements entered into with the Government of Mongolia announced on January 24, 2022 (the "GoM Agreements") are implemented along with the implementation of Resolution 103, the resolution passed by the Parliament of Mongolia in December 2021 to resolve the outstanding issues among the Corporation, Rio Tinto and the Government of Mongolia in relation to the implementation of Resolution 92, the resolution passed by the Parliament of Mongolia in November 2019 mandating the Government of Mongolia to take necessary measures to ensure the benefits to Mongolia of Oyu Tolgoi; the continuation of undercutting in accordance with the mine plan and design; the actual timing of first sustainable production as well as the lifting of restrictions by the Government of Mongolia on the ability of Oyu Tolgoi LLC ("OT LLC") to incur any additional indebtedness; the implementation and successful execution of the updated funding plan that is the subject of the second amended and restated heads of agreement entered into with RTIH on May 18, 2022 (the "Second Amended HoA"), as such agreement may be further amended or restated, and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor, all as contemplated by the Second Amended HoA, as well as potential delays in the ability of the Corporation and OT LLC to proceed with the funding elements contemplated by the Second Amended HoA; liquidity, funding sources and funding requirements in general, in particular until sustainable first production is achieved, including the Corporation's ability to reach agreement with project finance lenders on the re-profiling of existing debt payments in line with current cash flow projections, as well as the Corporation (or a wholly-owned subsidiary) and OT LLC entering into a pre-paid copper concentrate sale arrangement; the availability and amount of potential sources of additional funding, including the short-term secured advance to be provided by Rio Tinto to the Corporation under the Second Amended HoA; the amount by which a successful re-profiling of the Corporation's existing debt would reduce the Corporation's currently projected funding requirements; the timing and amount of future production and potential production delays; statements in respect of the impacts of any delays on achieving first sustainable production and on the Corporation's cash flows; expected copper and gold grades; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and the possible outcomes, content and timing thereof; the timing of the sinking of Shafts 3 and 4 and any delays in that regard in addition to previously announced delays; expectations regarding the possible recovery of ore in the two structural pillars, to the north and south of Panel 0; the continuing impact of COVID-19, including any restrictions imposed by health or governmental authorities relating thereto on the Corporation's business, operations and financial condition, as well as delays and the development cost impacts of delays caused by the COVID-19 pandemic; the Corporation's ability to operate sustainably, its community relations and its social licence to operate in Mongolia; capital and operating cost estimates, including inflationary pressures thereon resulting in cost escalation; mill and concentrator throughput; anticipated business activities, planned expenditures, corporate strategies; supply disruptions of oil and gas to the Oyu Tolgoi project caused by the ongoing Russia-Ukraine conflict, and other statements that are not historical facts.

Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Corporation will operate in the future.

Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause Turquoise Hill's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the "Risk Factors" section in Turquoise Hill's Annual Information Form for the year ended December 31, 2021 (the "AIF"), as supplemented by the "Risks and Uncertainties" section of Turquoise Hill's Interim Management's Discussion and Analysis for the first quarter ended March 31, 2022 ("Q1'22 MD&A").

Readers are further cautioned that the list of factors enumerated in the "Risk Factors" section of the AIF and in the "Risks and Uncertainties" section of the Q1'22 MD&A that may affect future results is not exhaustive. When relying on Turquoise Hill's forward-looking statements and information to make decisions with respect to Turquoise Hill, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and Turquoise Hill does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

Vice President Investors Relations and Communications
Roy McDowall
roy.mcdowall@turquoisehill.com

Follow us on Twitter @TurquoiseHillRe

News Provided by Business Wire via QuoteMedia

TRQ:CA,TRQ
The Conversation (0)
Cyprium Metals

Cyprium Metals Update

Cyprium Metals Limited (ASX: CYM) (“CYM”, “Cyprium” or “the Company”) provides the following update in relation to its funding requirements and the commencement of a strategic review.

Keep reading...Show less

Cyprium Metals Ltd Update on Funding Requirements and the Commencement of a Strategic Review

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) provides the following update in relation to its funding requirements and the commencement of a strategic review.

Secured Loan Deed

As outlined in the Company's 23 February 2023 ASX Announcement, the Company was unable to secure senior debt financing for the Nifty Copper Project Restart on commercially attractive terms and as a result, the previously announced $35 million equity raise was not completed.

As a result, Cyprium has entered into a Secured Loan Deed ("Loan Deed") with Avior Asset Management No. 2 Pty Ltd ("the Investor").

The proceeds from the Loan Deed will be used for the upcoming interest payment on the Company's existing unsecured $36 million Convertible Notes and for working capital purposes whilst the Company undertakes a strategic review on all assets in the company.

Key terms of the Loan Deed facility:

- Facility amount: $6 million

- Facility term: 6 months from first drawdown

- Interest rate: Commercial rates of financing charges, capitalised over the Facility term

- Loan conversion: A minimum of $0.8 million will be converted into CYM shares

- Share issue price: 20% discount to the Issue price of the next capital raising ("NCR")

- Loan repayment: Balance after Loan conversion is repayable following issue of shares under NCR

- Director: Investor has the right to appoint a nominee Director to the CYM Board

Management Comment

Cyprium Managing Director, Barry Cahill, commented:

"Copper market fundamentals combined with Cyprium's quality portfolio of more than 1.6Mt of contained copper at Nifty, Maroochydore and the Murchison, including significant infrastructure, as well as the xtensive Paterson Exploration JV with IGO in the highly prospective Paterson Province presents a highly attractive portfolio in an environment where battery metals are in strong demand.

The board is committed to preserving the value of the Company's assets as a priority whilst the strategic review is undertaken."

Strategic Review

Cyprium owns a high-quality portfolio of West Australian copper development opportunities with a total of +1.6Mt2 of contained copper in JORC 2012 Mineral Resources ("MRE") across its projects, comprising:

- Nifty Copper Mine (currently on care & maintenance) containing an MRE of 940,200 of contained Cu2

- Maroochydore Copper Project containing an MRE of 486,000 tonnes of contained Cu2

- Murchison Copper Project, comprising the Cue Copper-Gold Project (MRE of 51,500 tonnes of contained Cu) and Nanadie Well (MRE of 162,000 tonnes of contained Cu)

- Paterson Exploration Project (which includes a farm-in agreement with IGO Limited)

All of Cyprium's copper development projects MRE's are shallow, open in multiple directions and at depth, giving good potential to substantially increase the current resource endowment.

Nifty is a significant near-term long life brownfield copper development project located in the Tier 1 mining jurisdiction of Western Australia, with extensive infrastructure in place to re-start production.

As a result of the increased activity and interest in the battery minerals sector, the Company has commenced discussions to allow the development of a new strategic plan. The strategic plan will involve the short medium- and long-term opportunities for the company in light of the positioning of copper in the critical metals supply chain.

During this period, the Company will work with its advisors and key stakeholders to develop a new strategic plan with the objective of maximising shareholder value.

A key part of the strategic review will be for the Board to evaluate:

- potential life of mine development scenarios at Nifty, including the open-pit sulphide potential

- alternative longer-term financing strategies

- asset realisation initiatives

- composition of the board and management

Preparation of the new strategic plan and implementing a financial restructure is expected to take several months to complete. Cyprium is committed to maintaining its portfolio of copper projects in good standing to facilitate the rapid resumption of development, pending the outcomes of the strategic review.

There is no certainty that the strategic review will lead to any particulate outcome or transaction. Cyprium shareholders do not need to take any action in relation to the strategic review. Cyprium will continue to keep shareholder informed about the progress and outcome of the strategic review in accordance with Cyprium's continuous disclosure obligations.

As a result of the challenging market conditions associated with financing the Nifty Copper Project Restart project and the requirement to enter the Loan Deed for Cyprium's near-term funding requirements, the Company expects that it will require further external funding later in the year. The extent and availability of this additional funding requirement is naturally dependent on a range of commercial factors that are still being assessed and Cyprium remains in continued discussions with its brokers in connection with the additional funding requirements.

The Company's Shares will remain suspended from trading on the ASX until such time as the Directors have completed a strategic review and the Company has funding in place for a re-instatement of the Company's Shares to trading on the ASX.



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less

Lundin Mining Announces Appointment of Maria Olivia Recart to Board of Directors

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the appointment of Maria Olivia Recart to the Company's Board of Directors (the "Board") effective today.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
refined copper pieces on top of a 1 ounce copper bar

How to Invest in Copper (Updated 2023)

Often termed Dr. Copper, the red metal has long been held up as a key indicator of global economic health.

Copper is one of the most highly followed base metals, and its high ductility and electrical conductivity make it the third most consumed industrial metal in the world, behind iron ore and aluminum, as per the US Geological Survey.

Given its attributes, copper is often used for electrical purposes such as power transmission and generation. And like its base metal sibling nickel, it has a major role in the electric vehicle revolution, with experts expecting consumption of copper to jump five-fold by 2030 due to demand from the green energy market.

Keep reading...Show less

Teck to Host Virtual EVR Presentation and Modelling Workshop on March 30, 2023

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") will host a virtual investor & analyst presentation and modelling workshop for Elk Valley Resources ("EVR") on Thursday, March 30, 2023.

The presentation will feature members of the EVR Management team, including Robin Sheremeta, President and Chief Executive Officer (currently Senior Vice President, Coal, Teck).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

First Quantum Announces Redemption of $400 Million Outstanding 2024 Notes

(In United States dollars, except where noted otherwise)

First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) today announced that it intends to issue a notice of redemption on March 17, 2023 for its $400 million outstanding 6.500% Senior Notes due March 2024 (Rule 144A: ISIN US335934AP02; CUSIP 335934AP0; Reg S: ISIN USC3535CAH19; CUSIP C3535CAH1) (the "2024 Notes") to be redeemed on March 28, 2023.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×