RTG Mining (ASX:RTG) said its associate firm Mt. Labo Exploration and Development entered a strategic partnership with Glencore International to finance the first stage of the Mabilo copper-gold project in the Philippines, according to a Thursday Australian bourse filing.
The parties entered into a binding term sheet for a financing facility for a total of up to $30 million in three tranches, as well as an offtake agreement for all stage one products on market terms.
The facility provides funding for the estimated development budget, together with a further $5 million for any cost overruns and working capital needs.
RTG's share in the project cash flow from stage one direct shipping operation is expected to be in the order of 50% of total proceeds, the filing said.
The firm's shares rose almost 37% in recent trading on Thursday.
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