Marimaca Copper lines up up to $400 million loan for Chile mine project
Marimaca Copper is moving to secure project financing for its Chile mine as tighter copper supply supports lender appetite for mining developments. The company is targeting a debt package of $375 million to $400 million and aims to close the financing by the end of the year.
Highlights
- Marimaca Copper has chosen a specialist mining lender for a project finance facility between $375 million and $400 million for its Chile mine.
- The copper market's tightening conditions are bolstering funding opportunities for new mine construction despite broader economic uncertainty.
- Marimaca aims to finalize the financing process for the Chilean mine project by year end, as reported by CEO Hayden Locke.
Financing plan and lender selection
As reported by Bloomberg, Marimaca Copper has selected a preferred lender for the loan after weighing future supply agreements and proposals from commercial banks.Chief Executive Officer Hayden Locke says the company chose a specialist mining lender for a project finance facility of between $375 million and $400 million, although he does not identify the firm in an interview on Wednesday.
Copper market backdrop and project implications
The financing effort comes as a tightening copper market supports appetite for funding mine construction despite wider economic uncertainty. That backdrop is helping miners pursue debt for new projects tied to expected supply needs.Marimaca, which trades in Toronto and Sydney, is seeking to build the mine in Chile and wants to complete the financing process by year end.
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