Mining
Tuesday, January 2nd, 2024 9:06 pm EDT
Key Points
- Definitive Agreement for Debt Facility: PPX Mining Corp. has finalized a definitive agreement for a $6 million (U.S.) debt facility, as outlined in a press release dated September 20, 2023. The purpose of this funding is to finance a significant portion of the capital cost associated with the construction of a CIL (carbon-in-leach) and flotation plant at the Igor project in La Libertad, Peru. This plant is designed to process oxides and sulphides extracted from PPX Mining Corp.’s high-grade Callanquitas mine, as well as other satellite deposits within the Igor project.
- Processing Plant for Igor Project: The funds from the debt facility will specifically support the construction of a processing plant that will handle ores from the Igor project. The plant’s primary focus is on efficiently processing ore from the Callanquitas mine, which contains both oxides and sulphides. The low-cost processing capability is emphasized, indicating a strategic move by PPX Mining Corp. to optimize its operations and enhance cost-effectiveness in ore extraction and processing.
- Strategic Significance and Leadership Comment: Brian Imrie, the executive chairman of PPX Mining Corp., expressed satisfaction with the completion of the definitive agreement with the company’s largest shareholder to finance the processing plant’s construction. This milestone is described as a significant achievement, enabling PPX Mining Corp. to process ore from the Igor project at a notably low cost. The commentary suggests that the company views this development as a crucial step forward in its operational and strategic objectives for the Igor project in La Libertad, Peru.
On Dec. 29, 2023, further to PPX Mining Corp.’s press release dated Sept. 20, 2023, the company and a major shareholder subscribed the definitive agreement for a $6-million (U.S.) debt facility to finance most of the capital cost for the CIL (carbon-in-leach) and flotation plant that the company intends to build in its Igor project, located in La Libertad, Peru. The plant will process oxides and sulphides currently mined from its high-grade Callanquitas mine, and other important satellite deposits that constitute part of the project in the near future. Terms and conditions are summarized in the initial news release.
Brian Imrie, executive chairman, commented: “We are delighted to conclude the definitive agreement with our largest shareholder to fund the construction of our processing plant. This major milestone will allow the company to process, at a very low cost, the ore extracted from its Igor project.”
About PPX Mining Corp.
PPX Mining is a Canadian-based mining company with assets in northern Peru. Igor, the company’s 100-per-cent-owned flagship gold and silver project, is located in the prolific northern Peru gold belt in eastern La Libertad department.
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