Mineracao Vale Verde secures $140M for Serrote copper-gold project

Appian Capital Advisory LLP's Mineracao Vale Verde Ltda. secured a $140 million debt financing package from ING Capital LLC, Natixis, New York Branch and Societe Generale to complete the development of its Serrote da Laje copper-gold project in Brazil.

The financing will cover all remaining development costs, with the project now fully funded until production, the private equity fund said in a news release.

It is touted as the largest greenfield mining project finance transaction since 2020 and the onset of COVID-19 pandemic.

Appian said Serrote remains on track for first production in the second half of 2021, with over 94% of overall project execution completed. The project is expected to produce about 20,000 tonnes per annum of copper equivalent over an initial 14-year mine life from a low-strip, open pit mine supplying a processing plant with a capacity of 4.1 million tonnes per annum

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