Glencore has solidified its strategic partnership with Cyprium Metals by providing a $40 million senior secured loan facility.
This four-year loan, listed in a binding term sheet, marks a significant step in advancing Cyprium’s Nifty copper project in Western Australia.
The loan facility is set to refinance Cyprium’s existing senior secured debt, accelerate early works and feasibility studies at Nifty, and support general corporate activities.
As part of the agreement, Cyprium has committed to raising an additional $20 million by the end of the year through equity, asset sales, or other financial avenues.
“Cyprium is one of the near-term expected suppliers of Australian copper,” a Glencore spokesperson said.
“We are pleased with our growing strategic commercial partnership, which is another example of Glencore’s commitment to working with Australian miners to bring critical minerals and metals to market.”
Glencore is also collaborating with Cyprium to streamline access to its downstream processing facilities, including the Townsville Copper Refinery and Mt Isa Smelter in Queensland.
Cyprium’s Nifty copper project updated its mineral resource estimate back in March, reaching one million tonnes of contained copper.
In a scoping study in May it showed the economic viability of a large surface mine with an annual production of 36,000 tonnes of contained copper in concentrate.
The loan will enable Cyprium to accelerate early works at Nifty, support general corporate activities and refinance its existing debt.
“This new loan completes the refinancing of our near-term maturities which has been a top corporate priority,” Cyprium executive chair Matt Fifield said.
“With that step completed, we are now heightening our focus on bringing Nifty’s copper products to market.”
He also noted that the offtake agreements for copper cathode and copper concentrate with Glencore are now fully negotiated and expected to be executed alongside the loan facility in the coming weeks.
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