20th Sep 2013 07:09
LONDON (Alliance News) - Weatherly International PLC Friday said it had got full financing for its Tschudi copper project in Namibia after signing a loan deal with Orion Mine Finance.
Orion Mine Finance will provide it with a USD91 million loan facility, with a more favourable repayment timetable that the original term sheet the companies signed at the end of last year.
"We are pleased with the outcome of our negotiations with Orion Mine Finance which have been successfully completed," Weatherly Chief Executive Rod Webster said in a statement. "We now look forward to commencing work on the development of the project."
Interest rates on the loan are between Libor +3% and Libor +7%. Its duration is 6.5 years, with a repayment period of 4.5 years.
Weatherly currently has two producing copper mines in Namibia, Otjihase and Matchless.
The company's shares were up 23.2% at 5.7 pence Early Friday, the biggest gain on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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