Transamine Trading SA again amended an agreement to purchase in advance US$4.0 million of concentrate from Rambler Metals & Mining Plc's Ming copper-gold mine in Newfoundland and Labrador.
The previous agreement with Rambler's operating subsidiary Rambler Metals & Mining Canada Ltd. allowed Transamine to purchase in advance up to US$5.0 million of concentrate.
The advance purchase payment will accrue interest at a rate of 6.75% per annum and is secured by Transamine's existing charge against the assets of Rambler Canada, and is guaranteed by the company.
The funds will be used for working capital requirements as the company finalizes its second-phase expansion at the Ming mine, according to the Dec. 29 release.
The repayment will be conducted in 18 equal monthly installments plus interest, starting 180 days following the advance.
Transamine also has a right of first refusal on any off-take agreement for a period of five years, starting Jan. 1, 2022.