Cyprium cements commercial partnership with Glencore
ASX-listed Cyprium Metals has closed a senior secured loan facility and executed an offtake agreement with Glencore, cementing its commercial partnership with the commodities major.
Glencore will provide a senior secured loan facility of $27.3-million, with a four-year term to Cyprium.
The funds will be used to repay an existing senior secured facility and advance early works and feasibility studies at the Nifty copper mine, on the western edge of the Great Sandy desert in Pilbara.
Executive chairperson Matt Fifield said the partnership with Glencore enabled additional investment in the restart planning for its flagship asset and extended the maturity of its senior secured debt to October 2028.
“Strategically, our offtake agreements give Cyprium access to Glencore’s downstream processing assets in Mt. Isa and Townsville, Queensland,” he said.
“This upstream-downstream integration allows us to jointly offer copper consumers a copper product produced and refined wholly within Australia – ensuring the best in provenance and security of supply,” stated Fifield.
“We are pleased to help accelerate Cyprium’s development plans through commercial partnership and financial support,” said Glencore head of copper marketing Jyothish George.
“By supporting our local and regional miners as they bring critical minerals and metals to market, we are helping maintain a vibrant Australian copper production base.”
Cyprium has retained the ability to sell a minority ownership interest in the Nifty copper complex and to offer proportionate physical offtake to an incoming joint venture party, subject to certain limitations and timelines.
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