Thompson Creek B.C. mine project overcomes last financing hurdle |
| Globe and Mail - Aug 15, 2012 |
Barring a wicked winter, the struggling Mount Milligan gold and copper project in British Columbia appears to have overcome its last major financing hurdle, and should come in on schedule and without further cost overruns.
The project owner, pure-play molybdenum miner Thompson Creek Metals Co., announced a $200-million deal this week to sell future gold output from the mine to partner Royal Gold, fending off banks and risks of defaulting on debt covenants.
The deal gives Thompson Creek more breathing room to access an existing revolving credit facility needed to finish construction on Mount Milligan, now about 80-per-cent complete, after falling molybdenum prices compounded a poor second quarter of production, revenue and earnings.
“We think it’s the most efficient form of financing for us and we hope that it puts the issue of financing at Mount Milligan behind us,” said Thompson Creek chairman and chief executive Kevin Loughrey.
Read Full Article from Globe and Mail
- Posted: 2012-08-15 15:01:22
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