Coro Mining Extends SCM Berta Operation Offtake Agreement for Additional 12 Months
July 6, 2017 (Source) – Coro Mining Corp. (TSX: COP) (“Coro or the Company”) announces that its SCM Berta (“SCMB”) copper operation in Chile has extended its offtake agreement with leading metals trader Louis Dreyfus Company Metals (“LDCM”) for an additional 12 months. As part of this agreement, SMCB has received a US$750,000 prepayment facility from LDCM repayable in equal instalments over 12 months at an interest rate of LIBOR plus 6%, through which SCMB commits to the delivery of 3,300 tonnes of copper cathode to the metals trader over the next year.
“Engaging in periodic prepayment facilities such as this and the two previous arrangements we have had with LDCM, all backed by the copper cathode produced at Berta, offers us flexibility we can use to our advantage in the ramp up to full production at this operation,” commented President & CEO Luis Tondo. “We appreciate the continued support from LDCM and their confidence in the progress of our operation as we work toward our nameplate production target of 4,800 tonnes per year of copper cathode.”
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About Coro Mining Corp.:
Coro’s strategy is to grow a mining business through the discovery, development and operation of “Coro type” deposits. These are defined as projects at any stage of development, which are well located with respect to infrastructure and water, have low permitting risk, and have the potential to achieve a short and cost effective timeline to production. The Company’s preference is for open pit heap leach copper projects, where minimizing capital investment takes priority over maximizing NPV, where profitability is prioritized over production rate, and finally, where the likely capital cost is financeable relative to the Company’s market capitalization. The Company’s assets include the Marimaca development project; its 65% interest in the SCM Berta company, which includes the Berta and Nora operations; the Planta Prat project and the Llancahue prospect.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements or information, include but are not limited to production estimates. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Coro’s ability to predict or control and may cause Coro’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the operation of the Berta Mine and Nora Plant, copper price volatility, and changes in debt and equity markets. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.
Accordingly, readers should not place undue reliance on forward-looking statements. Coro undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
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