Excellon secures $7.5m Glencore financing to restart Peru silver mine
TSX-V-listed Excellon has announced a financing and offtake agreement with Glencore to support the restart of its past-producing Mallay silver mine in Peru.
The deal provides for up to $7.5-million in secured funding, structured as a pre-export finance loan, the Toronto-based miner reported this week.
An initial $5-million can be drawn immediately, with a further $2.5-million available until March 2026.
The funds will be used for underground development, mill upgrades and working capital as Excellon works toward commercial production at Mallay.
“The closing of our agreement with Glencore marks a major milestone in our journey to return Excellon to silver production,” CEO Shawn Howarth said.
As part of the deal, Glencore secured rights to purchase 100% of Mallay’s zinc and lead concentrates, which contain silver by-product. The arrangement provides Excellon with a guaranteed purchaser for output and exposure to upside in silver and base metals prices.
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