Trident expects the production of copper to reach a yearly run rate of 30,000 metric tons by the end of 2022
Trident Royalties (AIM:TRR), announced on Friday a $73 million equity financing for its Mimbula Copper Royalty and the project operator, Moxico Resources.
The mining royalties company also said the move will lead to a substantial increase in production.
Trident has confirmed it will build a self-operated solvent extraction and electrowinning processing facility. This, the firm expects, will allow the production of copper to reach a yearly run rate of 30,000 metric tons by the end of 2022.
Adam Davidson, Chief Executive Officer of Trident commented:
“We are incredibly pleased to see such a significant development for a key asset within Trident’s royalty portfolio. The financing conducted by Moxico to materially expand copper production at the Mimbula copper mine underscores the value of acquiring royalties over quality assets being advanced by experienced management teams,” said Davidson.
“The Mimbula Copper Royalty provides Trident’s investors with long-life copper exposure – a key base and battery metal – from an operating asset with further upside potential located in a prolific copper district.”
Trident Royalties are mining royalties and streaming company with a diverse range of royalties covering precious, base and battery metals.
Having presented at the December UK Investor Magazine Virtual Investor Conference, Trident Royalties returned to update investors of recent progress at the company.
Trident Royalties are on a path achieving critical mass with robust pipeline of deals having already acquired 12 mining royalties.