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Sprott Resource secures US$45 million financing to expand MTV copper project

Sprott Resource Holdings Inc. said Aug. 14 that Anglo American Marketing Ltd. and Kimura Capital LLP will provide a US$45 million secured prepayment facility and off-take agreement to Sprott subsidiary Minera Tres Valles to expand its 70%-owned MTV copper project in Chile.

The prepayment facility amounts to US$45 million in principal with a 12-month availability period for a four-year term. The loan is repayable in 12 quarterly installments starting the first month following the 12-month grace period starting on the closing date.

The lenders will have off-take rights to purchase up to 100% of copper cathode production from the project.

In November, Sprott Resource said MTV was valued at US$87 million.