Cyprium Metals Secures $27 Million Loan Facility from Glencore for Nifty Copper Project
Cyprium Metals has secured a A$40 million (USD 27 million) senior loan facility from Glencore to support its corporate initiatives and the advancement of the Nifty copper complex near Port Hedland in Western Australia. The loan, which has a four-year term, will be used to fund early works, feasibility studies, and to repay an existing senior secured facility. Additionally, the funds will cover general corporate purposes.
As part of its financial strategy, Cyprium Metals has also committed to raising an additional A$20 million before the end of the year through various channels, including an equity raise, asset sales, and the exercise of options and warrants.
The loan agreement coincides with the finalization of copper cathode and copper concentrate offtake agreements between Cyprium and Glencore. These agreements are fully negotiated and will be executed alongside the loan facility.
Cyprium Metals executive chair Matt Fifield expressed satisfaction with the arrangement, stating that the loan facility completes the refinancing of the company’s near-term maturities, a top corporate priority. Fifield also highlighted the deepening relationship with Glencore, noting advancements in offtake agreements and the company’s access to Glencore’s downstream processing facilities, including the Townsville Copper Refinery and the Mt Isa Smelter.
Cyprium Metals is listed on the Australian stock exchange, with the Nifty copper mine in Western Australia as its flagship project, historically producing significant copper from both oxide and sulphide resources.
