Al Washi-hi Majaza

Al Washi-hi Majaza Copper-Gold Project - Term Loan

Borrower (s)
Al Washi-hi Majaza
Industry
Metals and Mining/Minor & precious metals
Area of finance
Project & Infrastructure Finance
Region
Middle East
Countries
Oman

Deal Overview

Oman-based copper mining firm Al Hadeetha Resources has obtained around $15 million in additional finance from its existing project finance lender. The funds will be utilised to support the completion and commissioning of its Al Washi-hi Majaza Copper-Gold project in Al Mudhaibi Wilayat.Construction...

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Oman-based copper mining firm Al Hadeetha Resources has obtained around $15 million in additional finance from its existing project finance lender. The funds will be utilised to support the completion and commissioning of its Al Washi-hi Majaza Copper-Gold project in Al Mudhaibi Wilayat.

Construction of the project’s 1 million tonnes per annum copper concentration plant is now well progressed, with approximately three quarters of all civil work completed by end of April 2023, according to the company.

Around $8 million of the additional financing facility will be used to acquire spare parts, reagents, lubricants and other consumables needed to commission the plant. The remaining $7 million will be used for general working capital, including the payment of utility bills and mining and camp running costs etc, ahead of mine output revenue generation, the company said.

A host of major project milestones have been achieved to date, including: primary crusher retaining wall steel erection and concreting; stockpile tunnel; reagent storage building foundation and block work; power substation; grinding and flotation electrical room foundation, slabs and roof; concentrate and tailing thickener tank area; SAG and ball mill foundations; conveyor foundations (for ROM handling); and tailing filter building.

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Deal Volume
$15m
Financial Close
03 May 2023

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Projects

Al Washi-hi Majaza Copper-Gold Project

Greenfield
Minor & precious metals
Middle East
Oman
$15m