trader Gerald Metals SA has agreed to provide a $50-million
advanced payment facility to Australias Tiger Resources
Ltd. in return for the supply of 100,000 tonnes of electrowon
copper cathodes beginning in the second quarter of next
Tiger will use the
facility to fund the completion of its solvent
extraction-electrowinning (SX-EW) plant at the Kipoi copper
project in the Democratic Republic of the Congo, the company
told investors Oct. 17.
After commissioning in
the second quarter of 2014, Morges, Switzerland-based Gerald
will receive 2,000 tonnes per month under the offtake deal
during the first phase of production, and 2,500 tonnes per
month after a proposed expansion that will take the
plants capacity to 50,000 tonnes per year.
Tiger expects Kipoi,
which came online in 2011, to produce 35,000 tonnes of copper
in concentrate annually during the first three years of
operation, after which it will switch to refined SX-EW
production, according to the companys website.
The company is on
track to produce 41,000 to 43,000 tonnes of copper in
concentrate in 2013, it said earlier this week.
As of the end of the
third quarter, Tiger had stockpiled ore containing 115,300
tonnes of copper for use in the SX-EW operation, the company
said Oct. 15.
A verison of this
article was first published in AMM sister publication Metal