29th Oct 2013 09:53
LONDON (Alliance News) - Weatherly international PLC Tuesday said it has drawn down an initial USD3 million from its Tschudi loan facility in order to repay an outstanding loan that its subsidiary Ongopolo Mining has with Louis Dreyfus Commodities.
The Namibia-focused copper mining company said that following the debt repayment to Dreyfus and the release of the related security, Orion Mine Finance will then take the security and release the second tranche of funds from the loan, allowing Weatherly to fund development of its Tschudi Copper project.
Weatherly signed a USD91 million loan facility deal with Orion last month, giving it full financing for Tschudi. The total includes a secured loan of USD80 million, a project cost overrun facility of USD8 million and the USD3 million to repay Louis Dreyfus.
Weatherly International shares were up 8.4% to 3.93 pence putting it in the top ten AIM movers in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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