KEY POINTS
- Glencore to provide additional equity funding of up to US$80M during 2013 to complete construction and commissioning of the Perkoa Project and fund projected costs until the project becomes self-funding.
- The project is expected to become operating cash positive during Q4 CY2013.
- Instead of contributing up to US$35M to maintain its 39.9% interest in the project, Blackthorn Resources has opted for a strategic sell-down/dilution of its interest by 12.6% to 27.3%2.
- No impairment of Blackthorn Resources’ carrying value of its investment in the Perkoa Project is required.
- Blackthorn Resources and Glencore are continuing to work on budget optimisation and improvements.
- Commissioning of the processing plant is continuing.
Following on from the Perkoa Project Update announcement on 1 March 2013, Blackthorn Resources Limited (ASX:BTR) (“the Company” or “Blackthorn Resources”) wishes to provide the following update regarding the Perkoa Project in Burkina Faso, West Africa.
Funding Package
The previous funding package for the expanded Perkoa Project totalled US$140M and comprised:
- US$50M in direct project equity provided by Glencore
- US$70M in two project loans provided by Glencore
- US$20M working capital facility provided or arranged by Glencore.
For further information please download PDF below:
