AIC Mines (ASX:A1M) executed a $40 million prepayment facility linked to an offtake agreement for the Jericho Mine with Trafigura Asia Trading to fund the expansion of its Eloise processing facility, according to a Friday Australian bourse filing.
The prepayment is provided by Trafigura to secure the delivery of copper concentrate with no commodity hedging requirements and has early repayment flexibility.
The offtake agreement requires delivery of at least 400,000 dry metric tonnes of concentrate from the Jericho Mine.
The facility carries an interest rate of the three-month US dollar secured overnight financing rate plus 3% per annum. The availability period extends up to 18 months from the date all conditions are satisfied.
Under the grace period of the facility, no repayment of any capital or interest is required for up to 18 months from the date on which all conditions are satisfied, the filing said.
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