Westmin Resources (WMI-T) has closed a US$120-million offering of senior secure notes, which it will use to repay a loan and develop the Lomas Bayas project in Chile.
The notes, which were priced at par, have a coupon rate of 11% and mature on March 15, 2007.
Westmin acquired Lomas Bayas when it purchased Gibraltar Mines in October 1996. The minable reserve is estimated at 284 million tonnes grading 0.36% copper at an overall stripping ratio of 0.4-to-1.
The proposed open-pit mine is expected to produce 125 million lb. cathode copper annually, over a mine life of at least 12 years.
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