(Alliance News) - Phoenix Copper Ltd said Monday it has appointed mining finance advisory firm Medea Natural Resources Ltd as its lead financial adviser for the Empire mine open pit in the US state of Idaho.
Medea will take the lead on arranging structured project financing of up to USD70 million to construct the mine, including USD10 million of advance mezzanine debt financing.
"We are delighted to be working with Medea to finance the construction of our open pit, heap leach, SX-EW project at the Empire mine. The open pit has a production target of 8,000 tonnes of copper and zinc per annum, commencing in 2021," said Chief Executive Officer Dennis Thomas.
"The mezzanine debt financing will enable us to complete the feasibility study quickly and, at the same time carry out exploration on the newly discovered Red Star high grade lead/silver zone, as well as on the underground sulphides, and on the two Idaho Cobalt Belt properties," Thomas added.
Shares in Phoenix Copper were up 0.3% at 15.04 pence on Monday in London.
Phoenix Copper. (PXC)