Skip to main content
PLEASE NOTE: For everyone’s safety, Fasken requires anyone on-site at our Canadian offices to provide proof of full vaccination against COVID-19. This applies to lawyers, staff, clients, service providers and other visitors.
Client Work

Katanga Mining expands its copper cobalt project for US$635.5 million

Fasken
Reading Time 1 minute read Subscribe
Client

Katanga Mining Limited

On November 11, 2011, Katanga Mining Limited (TSX: KAT; KAT.NT) ("Katanga") announced approval of Updated Phase 4 Expansion of its copper cobalt project. Glencore International AG has committed to provide $635.5 million in new loan facilities with an interest rate of 10% per annum to fund the Updated Phase 4 Expansion not covered by Katanga's cash flows as well as to refinance its outstanding $115 million of 14% debentures. In addition to the benefits to Katanga of the Updated Phase 4 Expansion, which the loan facilities are expected to finance in part, Katanga expects expansion will improve copper recovery, utilize existing under-utilized plant capacity, and allow the company to produce LME Grade A copper and benefit from the continuity of personnel and competencies involved in the recently completed Phase 3 expansion of its project. The special committee of the Katanga board was advised in this matter by a team of Fasken Martineau lawyers that included John Turner, Aaron Atkinson and Daniel Fuke.

    Subscribe

    Receive email updates from our team

    Subscribe