Phoenix Copper Limited Share News (PXC)

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1.25 0.05 (4.17%)

Bid:

1.10

Ask:

1.40

Spread: 0.30 (27.273%)

Market Cap: £3.73m

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IN BRIEF: Phoenix Copper Draws Down Facility To Develop Empire Mine

Mon, 22nd Feb 2021 11:59

Phoenix Copper Ltd - US-focused base and precious metals explorer - Draws down on GBP2 million debt facility to accelerate development of the Empire Mine open-pit copper project in the US state of Idaho. Notes the unsecured facility has a nine-month term and has an annualised interest rate of 8%. Phoenix Copper says it will repay the GBP2 million facility by securing its final project financing package, which will be primarily debt-related. The firm completed its updated economic model for the Empire Mine project last Tuesday, which indicated "strong cashflow" and rapid payback in less than two years.

"Our next objective is to submit the project plan of operations to the relevant authorities as soon as possible, so that we can commence the final stages of construction permitting. We consider that the terms of the facility demonstrate a strong vote of confidence in our operations, and we look forward to becoming a copper-led US mining operation, delivering copper into the US electrification programme on a timely basis," says Chief Financial Officer Richard Wilkins.

Current stock price: 40.70 pence, up 4.4% on Monday

Year-to-date change: up 3.0%

By Zoe Wickens; zoewickens@alliancenews.com