Australia-based copper producer Mawson West has secured a $30m working capital facility from RMB Resources to finance development programmes across its portfolio of projects in the Democratic Republic of Congo.
The funding will be used for the development of the cut-back of the Dikulushi copper-silver mine, the Kapulo open pit copper mine and for other corporate purposes.
The facility will be secured by a charge over the assets of the Mawson West and its principal operating subsidiary, based in the Democratic Republic of Congo
The company said that the initial drawdown of the facility is expected by the end of June 2012.
Mawson West president and CEO David Frances said, "The RMB debt financing is another important milestone for Mawson, and will provide the Company with additional financial resources and funding flexibility to complete the Dikulushi cut-back and continue progress on the development of the Kapulo project."
Production at the Dikulushi copper-silver mine in the Katanga Province will begin in the third quarter of 2012.
Meanwhile, civil works are well advanced at the Kapulo project, where production is expected to begin in the second half of 2013.
Image: Mawson West plans to expand copper production at the Dikulushi mine in Democratic Republic of Congo .Photo: Mawson West.