Welcome!

News Feed Item

Mawson West Secures US$50 Million Prepayment and Offtake Agreement

PERTH, AUSTRALIA -- (Marketwired) -- 04/16/14 --

Highlights:


--  Executed agreement with Trafigura for US$50 million 
--  Full US$50 million prepaid and available immediately 
--  Remaining capital required for the Kapulo project now secured 
--  Prepayment terms provide endorsement of Mawson West's strategy and
    assets 
--  Enables next growth step for Mawson West

Mawson West Limited (TSX:MWE) ("Mawson West" or "the Company") is pleased to announce the Company, through its 90% owned subsidiary Anvil Mining Congo SARL, has signed an offtake agreement with Trafigura Pte Ltd ("Trafigura"), a market leader in the global commodities industry, to sell 100% of the copper concentrate produced at the Dikulushi and Kapulo mines for a period of 48 months from the commencement of commercial production at Kapulo. As part of the offtake arrangements, Trafigura has provided Mawson West with a facility of US$50 million, to be prepaid to the Company immediately.

Key Terms


----------------------------------------------------------------------------
US$50 Million Prepayment                                                    
----------------------------------------------------------------------------
- Available for immediate draw down                                         
- Competitive facility fee                                                  
- Competitive interest margin                                               
- Eight repayment instalments, commencing 31 March 2015                     
- No hedging conditions                                                     
- No equity based payments                                                  
----------------------------------------------------------------------------
Offtake Agreement                                                           
----------------------------------------------------------------------------
- 4 year term to December 2018                                              
- Standard industry payable metal terms                                     
- International benchmark treatment and refining charges                    
- Competitive transport charges with annual reviews                         
- 95% provisional payment, 3 days following delivery to bonded warehouse in 
Nchelenge, Zambia                                                           
----------------------------------------------------------------------------

Mawson West Chief Executive Bruce McFadzean said:

"Completion of the offtake agreement and funding with Trafigura for our production from Dikulushi and Kapulo is a key milestone for Mawson West and provides a strong endorsement of our strategy and assets in the Democratic Republic of Congo. The prepayment of US$50 million means the remaining capital expenditure required for the finalisation of development at the Kapulo project is now secured. With a strong balance sheet, underground production currently ramping up at Dikulushi and final development funding now secured for Kapulo, 2014 is poised to be another exciting year for Mawson West."

Kapulo Overview

With a forecast production rate of approx. 20,000 tonnes of contained copper per annum and a current six year mine life, with potential for further increases after the inclusion of the Safari deposit, Kapulo is the next step in Mawson West's growth strategy.

To date, a total of approx. US$77 million of capital has be spent at Kapulo with the Company having completed all civil works, installation of ROM bin, ROM feeder, crushers, screen deck, ball mills, coarse ore tunnel and the erection of a flotation circuit building. Having secured the required final US$50 million of funding from Trafigura, Mawson West is now in a position to complete the development of Kapulo with commissioning expected to commence in Q4 2014.

Conference Call

Mawson West will host a conference call to discuss today's announcement on April 17, 2014 at 10.00am (North American Eastern Standard Time) (3.00pm London; 10.00pm Perth). Further details of the call are detailed below.

Interested parties may access the conference call by using the following dial-in numbers:


--  Canada 1866 307 0658 
--  United States 1866 307 0659 
--  United Kingdom 0808 238 9067 
--  Australia 1800 153 721 
--  New Zealand 0800 442 709 
--  International Toll 612 8212 8333

Participant PIN Code: 682436#

Dial-in access details for other countries can be obtained from the below web address: http://www.arkadin.com/beamon/ITFS/ANZ_Jan_2013.pdf.

Please connect approximately 10 minutes prior to the beginning of the call.

A recorded playback of the conference call can be accessed from the below web address on Tuesday, April 22, 2014: http://www.mawsonwest.com/irm/content/webcasts.aspx?RID=317.

About Mawson West

Mawson West is a copper and silver-focused resource company listed on the Toronto Stock Exchange

(TSX) and based in Perth, Australia.

The Company's two key projects are the Dikulushi copper-silver mine and the Kapulo copper mine located in the Katanga province in South Eastern Democratic Republic of Congo (DRC). Mawson West also continues to focus on exploring multiple prospective targets located within its significant land holding of approximately 7,300km2 in the DRC's rich copper belt.

Contacts:
Mawson West Limited
Bruce McFadzean
Chief Executive Officer and Managing Director
+61 8 9485 9800
[email protected]

Mawson West Limited
Mark Di Silvio
Chief Financial Officer
+61 8 9485 9800
[email protected]
www.mawsonwest.com

MAGNUS Investor Relations
Kusal Meemeduma
+61 2 8999 1010
[email protected]

Roth Investor Relations Inc.
Michelle Roth
+1 732 792 2200
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.