Funding and offtake agreements for new base metal mines in WA and NSW
Bill Beament's Develop Global and the Simon Noon-led Boab Metals have locked in almost A$150 million in offtake and funding support for their respective projects with global trading house Trafigura.Develop is redeveloping the Woodlawn cooper-zinc mine in New South Wales, while Boab is looking to build the greenfields Sorby Hills lead-silver-zinc project in Western Australia's Kimberley region.
5 years after the first drawdown and will be secured over Woodlawn. Repayments will start after 18 months and can be set off against payments under the offtake agreement or made as quarterly cash payments.Prepayment agreementOut west, Trafigura and Boab have signed a US$30 million binding offtake and prepayment agreement covering 75% of the lead-silver concentrate planned to be produced from Sorby Hills, with a minimum of 531,000t over seven years.
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