Daily News: December 2, 2019

Pala Provides $30MM Facility for Nevada Copper


Nevada Copper has completed a credit agreement with Pala Investments for a $30 million credit facility.

The facility provides additional financial resources to navigate the current depressed copper price environment, to address the impact of the delay in East-North Vent Shaft, and to address normal technical risks associated with ramp-up

The facility replaces the company’s equity backstop facility

“We are now entering the final stages before the commencement of production at Pumpkin Hollow. Our team and contractors are continuing to deliver on schedule as we prepare for production this quarter. The addition of a credit facility, non-dilutive to shareholders, provides access to additional liquidity as we ramp up copper production during the first half of 2020,” said Matt Gili, Nevada Copper’s CEO.

Nevada Copper’s Underground Project is in construction with a view to begin copper production in Q4/19.