Phoenix Copper Launches Copper-Price-Linked Bonds to Build Mine in Idaho
08 Juin 2022 - 10:33AM
Dow Jones News
By Jaime Llinares Taboada
Phoenix Copper Ltd. said Wednesday that it is launching a bond
placement for a minimum of $60 million to finance the construction
of its Empire open pit copper mine in Idaho.
The AIM-listed mining company said the bonds will be
noncovertible and repayable after 10 years. The coupon is
semiannual and is linked to the copper price, ranging between 7.5%
and 20% a year.
"We have previously indicated that we intended to finance
construction of the Empire open pit mine with minimal or no
dilution to existing shareholders, and we expect the bond placement
to achieve this, as the bonds will be non-convertible," Chief
Financial Officer Richard Wilkins said.
Shares at 0751 GMT were up 6.1% at 52 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 08, 2022 04:18 ET (08:18 GMT)
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