Capricorn Copper has locked in a $45 million funding agreement to restart its mine in northwest Queensland.
The company secured the funding with BNP Paribas to complete its financial requirements for the refurbishment and restart project at the Capricorn Copper operation.
Chairman Owen Hegarty described the senior facility agreement as another positive step forward for Capricorn.
“BNP Paribas’ support, along with the refurbishment and restart project (RRP) progress puts us in a good position to take advantage of the strength we see developing in the global copper market,” Hegarty said.
The funding agreement involves $40 million for project development during the construction, commissioning and ramp up stages.
An additional $5 million will be available to Capricorn for working capital once the mine is operational.
The Capricorn Copper mine is around 125km north of Mt Isa in Queensland. The company’s board approved a $110 million investment to restart the mine in November 2016.
Capricorn has created more than 350 full-time operational and construction roles at the project as it has progressed. It expects to maintain a workforce of around 220 employees once the mine is operational.