Skip to main content
This website uses cookies. By continuing to use this website you are agreeing to our use of cookies as described in our privacy policy.
Client Work

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

Reading Time 1 minute read Subscribe

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.


    Receive email updates from our team