Caterpillar to Supply Equipment for Discovery’s Botswana Project
Discovery Metals will receive financing and mining equipment from Caterpillar Financial for the Boseto copper project in Botswana.
As part of the Boseto Debt Syndicate, Caterpillar, along with Standard Chartered Bank, Standard Bank and Credit Suisse, will invest $105m in the plant and $75m in the mobile fleet.
The debt syndicate will also provide a $25m overrun and working capital facility plus hedging lines for both copper and silver production.
Discovery Metals' managing director, Brad Sampson, said that the incorporation of all debt facilities into one facility completed the funding for Boseto, and simplified the documentation and security arrangements significantly.
The Boseto project is currently under construction and is expected to be commissioned in the first half of 2012.