Polymet Glencore Financing

The Largest Copper Financings of 2023

In 2023, Costmine Intelligence tracked 70 copper mining financings closed that amounted to USD $1,345,229,494. Here is a look at ten of the largest capital raisings.

#1) Ivanhoe Mine (TSX: IVN) – The funding will quadruple the company’s exploration budget into next year, following the recent and ongoing exploration at the district-scale Western Foreland Exploration Project in the Democratic Republic of Congo. 

#2) Polymet Mining Corp. – Glencore took full ownership of PolyMet Mining, a company that’s developing a copper-nickel mine in northeastern Minnesota with one of Canada’s largest miners, Teck Resources. Glencore already owned 82% of PolyMet Mining and has long been the project’s main financial backer. It paid ~$71 million to raise that stake to 100%, which would take St. Paul-headquartered PolyMet private. 

#3) Eldorado Gold Corp. (TSX: ELD) – The company raised USD $162,536,946 in two concurrent financings one by way of private placement and a public offering. The proceeds will be invested in the company’s Skouries copper-gold porphyry project in Northern Greece.

#4) Ero Copper Corp. (TSX: ERO) – The net proceeds of the offering will be used to advance growth initiatives at the company’s Tucumã Project and Caraiba operations, advance regional exploration in Brazil, and for working capital and other general corporate purposes.

#5) Filo Corp. (TSX: FIL) – The private placement included the support of the Lundin family and BHP, and institutional investors, including funds and accounts managed by BlackRock.  The net proceeds from the private placement will be used for exploration and development of the company’s Filo del Sol project and for working capital and general corporate purposes.

#6) NGEx Minerals Ltd. (TSX-V: NGEX) – The private placement was led by the Lundin family and institutional investors. NGEx increased the overall raise from $40-million to over $85-million. The company will use the proceeds for its exploration plans for the upcoming field season, which will likely focus on following up on the high-grade Lunahuasi discovery made earlier this year. 

#7) Nevada Copper Corp. (TSX: NCU) – The company intends to use the net proceeds of the Offering to continue funding the restart and ramp-up of the company’s Pumpkin Hollow underground mine and for general corporate purposes, including working capital, with the goal of achieving nameplate production capacity of 5,000 tons per day by the end of 2023.

#8) Faraday Copper Corp. (TSX: FDY) – The company intends to use the net proceeds from the Offering to fund the purchase of a 32,000-acre ranch land package adjacent to the company’s Copper Creek Property, for exploration and development of the Copper Creek project, as well as for working capital and general corporate purposes as set out in the prospectus supplement.

#9) Arizona Sonoran Copper Co. (TSX: ASCU) – The net proceeds from the offering will be used for exploration and development at the company’s Cactus Mine Project located in Arizona, and for general working capital and corporate purposes.

#10) Develop Global Ltd. (ASX: DVP) – The proceeds of the capital will be used for the development of the company’s Pioneer Dome project, including drilling, metallurgical tests, approvals and updated economic and mining studies. In addition, proceeds will go towards the preparation of resumption of production at its Woodlawn zinc-copper-lead-gold-silver project located in the Lachlan Fold belt of Australia, including ongoing underground capital development and further drilling there.

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