Curis Resources announced that they have lined up $40 million in financing for their proposed in situ copper recovery project in Florence. The funds will come from RK Mine Finance Trust (“Red Kite") in exchange for Red Kite's ability to receive copper from the project. [Right, Curis Resources administration complex. Credit, Curis]
The Curis announcement described the deal:
Under the terms of the off-take agreement to be signed, Curis will supply Red Kite with 25%, or if the Extension Option is exercised, 30% of the Florence Copper Project’s copper cathode production for the life of the project, once the project reaches commercial production. The off-take agreement will be structured at market pricing.
Feasibility level optimization and design studies for Florence Copper are progressing. Phase 1 development is scheduled to be constructed beginning in Q3 of 2012, following the receipt of amended operating permits currently under review by State and Federal agencies. This project “start-up” phase will consist of an initial 24-well copper extraction field constructed to simulate full scale operations and a state-of-the-art Solvent Extraction/Electrowinning (SX/EW) facility that will produce LME grade pure copper cathode.