Tiger draws further $25m advance

Tiger Resources has taken a further $25 million advance payment to help fund construction at tis Kipoi copper project in the Democratic Republic of Congo, under a proposed offtake arrangement with commodity trader Gerald Metals. 

The agreement has been held between US-based Gerald and Société d'Exploitation de Kipoi, the operator of the Kipoi project in which Tiger has a 60 per cent interest.

“This advance payment is in addition to the existing $50 million advance payment facility provided by Gerald to SEK, and will provide for general working capital purposes related to mining operations and the solvent-extraction and electro-winning plant at Kipoi,” Tiger said in a statement. 

Under the new agreement, Gerald will receive a further 75,000 tonnes of copper cathode from the Kipoi plant, on top of the 100,000t it was entitled to in exchange for the first advance.

Tiger last traded at 33.5 cents per share at 10:30am.