|By Marketwired .||
|April 16, 2014 08:34 AM EDT|
PERTH, AUSTRALIA -- (Marketwired) -- 04/16/14 --
-- Executed agreement with Trafigura for US$50 million -- Full US$50 million prepaid and available immediately -- Remaining capital required for the Kapulo project now secured -- Prepayment terms provide endorsement of Mawson West's strategy and assets -- Enables next growth step for Mawson West
Mawson West Limited (TSX:MWE) ("Mawson West" or "the Company") is pleased to announce the Company, through its 90% owned subsidiary Anvil Mining Congo SARL, has signed an offtake agreement with Trafigura Pte Ltd ("Trafigura"), a market leader in the global commodities industry, to sell 100% of the copper concentrate produced at the Dikulushi and Kapulo mines for a period of 48 months from the commencement of commercial production at Kapulo. As part of the offtake arrangements, Trafigura has provided Mawson West with a facility of US$50 million, to be prepaid to the Company immediately.
---------------------------------------------------------------------------- US$50 Million Prepayment ---------------------------------------------------------------------------- - Available for immediate draw down - Competitive facility fee - Competitive interest margin - Eight repayment instalments, commencing 31 March 2015 - No hedging conditions - No equity based payments ---------------------------------------------------------------------------- Offtake Agreement ---------------------------------------------------------------------------- - 4 year term to December 2018 - Standard industry payable metal terms - International benchmark treatment and refining charges - Competitive transport charges with annual reviews - 95% provisional payment, 3 days following delivery to bonded warehouse in Nchelenge, Zambia ----------------------------------------------------------------------------
Mawson West Chief Executive Bruce McFadzean said:
"Completion of the offtake agreement and funding with Trafigura for our production from Dikulushi and Kapulo is a key milestone for Mawson West and provides a strong endorsement of our strategy and assets in the Democratic Republic of Congo. The prepayment of US$50 million means the remaining capital expenditure required for the finalisation of development at the Kapulo project is now secured. With a strong balance sheet, underground production currently ramping up at Dikulushi and final development funding now secured for Kapulo, 2014 is poised to be another exciting year for Mawson West."
With a forecast production rate of approx. 20,000 tonnes of contained copper per annum and a current six year mine life, with potential for further increases after the inclusion of the Safari deposit, Kapulo is the next step in Mawson West's growth strategy.
To date, a total of approx. US$77 million of capital has be spent at Kapulo with the Company having completed all civil works, installation of ROM bin, ROM feeder, crushers, screen deck, ball mills, coarse ore tunnel and the erection of a flotation circuit building. Having secured the required final US$50 million of funding from Trafigura, Mawson West is now in a position to complete the development of Kapulo with commissioning expected to commence in Q4 2014.
Mawson West will host a conference call to discuss today's announcement on April 17, 2014 at 10.00am (North American Eastern Standard Time) (3.00pm London; 10.00pm Perth). Further details of the call are detailed below.
Interested parties may access the conference call by using the following dial-in numbers:
-- Canada 1866 307 0658 -- United States 1866 307 0659 -- United Kingdom 0808 238 9067 -- Australia 1800 153 721 -- New Zealand 0800 442 709 -- International Toll 612 8212 8333
Participant PIN Code: 682436#
Dial-in access details for other countries can be obtained from the below web address: http://www.arkadin.com/beamon/ITFS/ANZ_Jan_2013.pdf.
Please connect approximately 10 minutes prior to the beginning of the call.
A recorded playback of the conference call can be accessed from the below web address on Tuesday, April 22, 2014: http://www.mawsonwest.com/irm/content/webcasts.aspx?RID=317.
About Mawson West
Mawson West is a copper and silver-focused resource company listed on the Toronto Stock Exchange
(TSX) and based in Perth, Australia.
The Company's two key projects are the Dikulushi copper-silver mine and the Kapulo copper mine located in the Katanga province in South Eastern Democratic Republic of Congo (DRC). Mawson West also continues to focus on exploring multiple prospective targets located within its significant land holding of approximately 7,300km2 in the DRC's rich copper belt.
Mawson West Limited
Chief Executive Officer and Managing Director
+61 8 9485 9800
Mawson West Limited
Mark Di Silvio
Chief Financial Officer
+61 8 9485 9800
MAGNUS Investor Relations
+61 2 8999 1010
Roth Investor Relations Inc.
+1 732 792 2200
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