Nevada Copper (NCU.TO) has announced a comprehensive corporate update last week and was able to amend both existing loans. Pala has agreed to extend the maturity date of its $25M bridge loan by nine months meaning Nevada Copper will only have to repay the $20M it has currently drawn down from this loan by the end of June next year.
More importantly, the company has also amended the Red Kite secured loan, extending the maturity date to December 31 2021 whilst also amending the scheduled repayment dates and milestone dates. That’s an important improvement as it means the first interest payment on this loan is only due in March 2017 instead of in 2016.
Nevada Copper is still aiming to start the production at Pumpkin Hollow before 2019 and claims to benefit from ‘interest from the corporate mining sector’. That’s not surprising and we have already pointed out Pumpkin Hollow’s unique selling points in the past as it’s the only fully permitted multi-billion pound copper project in North America. We are heading for Vancouver this week and will definitely update you after our next meeting with Nevada Copper’s executive team.
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Disclosure: The author holds a long position in Nevada Copper. Nevada Copper is a sponsor of the website. Please see our disclaimer for current positions.
