Weatherly International PLC secures US$91 million loan to fund development of Tschudi copper mine in Namibia

Mining developer Weatherly International PLC has secured a US$91 million loan that will fund the development of its subsidiary Ongopolo Mining Limited’s Tschudi copper operation in Northern Namibia. This enables Weatherly to begin building a solvent extraction plant that is expected to produce 17,000 tonnes of the metal a year, over an 11 year mine life. Funds for the Tschudi project financing has been made available by Orion Mine Finance (Master) Fund I LP. The debt facility, which is secured by the assets and interests in the Tschudi project, is to be made available in three tranches with the last due to be repaid by 31 December 2019. Fasken Martineau provided counsel to Orion Mine Finance (Master) Fund I LP with a team led by Thomas Wexler, supported by Michael J. Bourassa, Daye Kaba and Michael van Vuren.