Work being undertaken following a leak from one of the leach ponds at Kipoi has seen production guidance lowered to 23,000-23,600 tonnes of copper cathode at increased all-in sustaining costs of $US1.69-1.73 per pound.
Previously the company had been targeting 25,000-26,500t at $1.56-1.65/lb.
A $US10 million bridging facility has been provided by major shareholder RCF and established debt arrangers Taurus and International Finance Corp (IFC).
Prior to the provision of the bridging facility, Tiger had a $162 million facility arranged by Taurus and IFC (with RCF providing $15 million of the original $122 million provided by Taurus) – and with $143 million drawn as of July 5.
Post current operational issues, Tiger expects Kipoi to be able to produce at 32,500t per annum of copper cathode, with the company also flagging an interest in becoming a cobalt producer.
Shares in Tiger were off 10% to A1.8c in morning trade, capitalising the company at $35.9 million.
A soft copper price and soft operational performance has seen shares in the company drop from 25c over the past two years – and from 40c 30 months ago.
