Discovery Metals raises P200m cash

Embattled metals miner, Discovery Metals has closed its copper and silver hedges, generating $26 million (P200 million) in cash.

The miner said this week that as of May 24, it had $37.3million in cash, which included $12.4 million of hedge closeout proceeds with the balance of $13.6 million expected by May 28.Some $22 million of the hedge closeout proceeds would be applied to loan repayments, with the balance to be transferred to the Debt Service Reserve Account.Project debt on the Boseto copper project has now been reduced to A$129-million, Discovery said, while total group interest bearing debt was at A$154-million.

"The company's remaining hedge book now comprised copper hedging from June to December of 8,521 t at a weighted average forward price of A$8,875, and a marked market value of around A$13-million," said the company.The Botswana Stock Exchange (BSE) listed copper miner last week put itself up for sale after it failed to win the support of Chinese shareholder Cathay Fortune Corporation (CFC) for a plan to raise up to $245 million (P2.03 billion) in new debt and equity.

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