- Braveheart Resources (BHT) has amended its concentrate offtake agreement and stockpile financing facility with Ocean Partners UK Ltd.
- The facility provides Braveheart with access of up to US$3,500,000 which can be used for capital expenditures at the Bull River Mine project, including plant commissioning and working capital
- Braveheart has committed to deliver 45,000 wet metric tonnes of copper concentrate from Bull River to Ocean
- Braveheart Resources (BHT) is up 6.67 per cent, trading at C$0.08 a share as of 2:35 pm ET
Braveheart Resources (BHT) has amended its concentrate offtake agreement and stockpile financing facility with Ocean Partners UK Ltd.
The facility provides Braveheart with access of up to US$3,500,000 which can be used for capital expenditures at the Bull River Mine project, including plant commissioning and working capital. To date, the company has drawn US$1,000,000.
Braveheart has committed to deliver 45,000 wet metric tonnes of copper concentrate from Bull River to Ocean.
In September, the company notified Ocean that it had not yet received permits to restart Bull River. Due to delays in permitting, Braveheart is currently assessing potential opportunities to sell a portion of its 180,000-tonne surface stockpile of mineralized material to a third party under an ore purchase agreement. If the sale works out, the parties have agreed to compensate Ocean.
The company’s President and CEO, Ian Berzins, appreciated Ocean’s support for Bull River, given the challenges in gaining permission to restart the project.
“While it is our strong preference to process all stockpiled material at our Bull River facility, it may make economic sense to process some or all of our stockpiled material at a currently permitted facility in British Columbia, thereby generating some early revenues for the company.”
Braveheart is a mining company primarily focused on two near-term copper production assets in Canada.
Braveheart Resources (BHT) is up 6.67 per cent, trading at C$0.08 a share as of 2:35 pm ET.