Bezant Resources Secures Up to USD7 Million Prepayment Facility for Hope & Gorob Copper Project

Strategic Insights -

Bezant Resources PLC has secured an up to USD7 million prepayment facility and an associated offtake agreement to support its Hope & Gorob copper project in Namibia. In response, the company's stock price climbed 14% to 0.12 pence on Friday afternoon in London. The prepayment facility is subject to completing the company's acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Ltd, as announced in mid-August.

Key Takeaways:

  • Bezant Resources PLC has secured a USD7 million prepayment facility to support its Hope & Gorob copper project in Namibia.
  • The facility is an senior secured facility made available in tranches, with an initial advance of USD3 million expected to be available upon closing.
  • The prepayment facility is subject to completing the acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Ltd.
  • The offtake agreement is with a globally recognised commodities trading company, to be named once full-form definitive agreements are signed.
  • Executive Chair Colin Bird commented that the framework suits the project development schedule and will support the advancement of the Hope & Gorob Project.
  • The facility includes a downpayment to the vendor of the NLZM Processing Plant and payment of deposits to suppliers of key components of the NLZM plant upgrade and the construction of the mine site crushing and ore sorting facility.

Statistics:

  • Up to USD7 million prepayment facility secured by Bezant Resources PLC.
  • Initial advance of USD3 million expected to be available upon closing.
  • Stock price climbed 14% to 0.12 pence on Friday afternoon in London.
  • Acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Ltd announced in mid-August.

Sources:

  • (Company press release) - Bezant Resources PLC.
  • (Alliance News article) - "Bezant Resources PLC secures up to $7m prepayment facility for Namibia project" (dated not available).
  • (Alliance News article) - "Bezant Resources PLC signs offtake deal for Namibia copper project" (dated not available).