ABN 14 000 317 251
MARKET RELEASE 2 October 2017 Update on CuDeco Loan Facilities and Repayment of DebtCuDeco Limited (ASX: CDU) ("CuDeco") is pleased to advise that the following transactions and agreements have now been actioned:
CuDeco has received US$20 million from Mitsui & Co., Ltd in accordance with the Copper Concentrate Sales Agreement announced on 26 September 2017;
CuDeco has today repaid US$15 million to China Minsheng Banking Corporation Limited being the repayment due on 30 September 2017; and
CuDeco has today secured an extension of the HK$80 million (approx. A$13m) which is due for repayment on 30 September 2017. The extension has been granted until 31 October 2017, to allow CuDeco time to progress its negotiations for a longer term restructured complete financing facility.
Following the above transactions and grant of extension, CuDeco has the following loan facilities in place:
China Minsheng Banking Corporation Limited - US$15m (approx. A$19.1m) due for repayment on 31 December 2017. This is the total amount currently owing on this facility.
Short Term Loan Facility (as extended today) - HK$80m (approx. A$13m) due for repayment on 31 October 2017.
Secured Term Loan Facility Agreement - HK$40m (approx. A$6.5m) due for repayment on 10 January 2018.
Loan from Sinosteel Equipment & Engineering Co. Ltd totaling AU$27.5m repayable by 31 December 2018 under a formal Deed of Remediation dated 24 March 2017.
In addition to the above loan facilities, CuDeco has a AU$22m Convertible Note facility with Gemstone 101 Ltd which is repayable or convertible by 21 April 2019.
CuDeco continues to progress negotiations with a number of parties to secure a longer term restructured complete financing facility.
On behalf of the Board ENDS
Head OfficeSuite 11A, Level 11, 100 Edward Street, Brisbane, 4000 Australia Tel.+61 7 3210 5900
Email admin@cudeco.com.au www.cudeco.com.au
Cloncurry OperationsCorella Park Road, Cloncurry Queensland 4824 Australia
P.O. Box 530, Cloncurry, QLD 4824 Tel.+61 7 4742 4800 Email cloncurry@cudeco.com.au www.cudeco.com.au
CuDeco Limited published this content on 03 October 2017 and is solely responsible for the information contained herein.
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