KEY POINTS
- Blackthorn Resources’ Board has given approval for its participation in the expansion of the Perkoa JV Project.
- The expansion improves the economics and risk profile of the project to the Company via unit cost reductions, commodity diversification, and increased production volumes.
- Funding for incremental investment via additional USD 40M project finance facility to be provided by Glencore to the Joint Venture (JV).
- Total project finance for the project will increase to USD 70M, including the original USD 30M senior facility, following finalisation of the funding facilities.
- Subject to finalisation of the funding facilities in the form currently negotiated, following completion of construction works and receipt of sufficient sales proceeds, a USD 5M special dividend will be payable to the Company from 50% of available free cash flows generated from zinc, lead and silver sales.
Blackthorn Resources Limited (ASX:BTR) (“the Company” or “Blackthorn Resources”) is pleased to announce that the Board of Directors has given approval to participate in the expansion proposal provided by Glencore International (Glencore) for the Perkoa JV Project in Burkina Faso, West Africa.
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