Full Confidence in CVK Mining $280 Million Financing Support from Abroad
CVK Mining has rapidly finalized its search for required financing within the projection established to realize the Yenipazar Project, which was announced on May 17, 2024.
In this context, a Preliminary Agreement was reached between CVK Mining’s subsidiary—Virtus Mining Ltd., the owner of the Yenipazar Project—and a Consortium formed by US-based financing providers Orion Resource Partners (US) LP and Hartree Partners, LP, for the provision of 280 million US Dollars in financing.
Hüseyin Çevik, Chairman of the Board of Directors of CVK Mining, highlighted the significance of this agreement in his statement:
"The financing provided by the foreign-based consortium will accelerate our Yenipazar Project and enable us to secure a stronger position in the global market. While enhancing our competitive edge in the sector, this financing will also allow us to create sustainable value for our stakeholders. This agreement stands as an important milestone in our strategic growth targets. With this massive financing secured, we aim to deliver an innovative and sustainable project in the mining sector while keeping our environmental and social responsibilities at the forefront."
The $280 million USD financing package to be provided by the Consortium is expected to be structured as follows:
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140 million US Dollars via a Metal Streaming Agreement
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140 million US Dollars via a Credit/Loan Agreement
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Offtake Agreements for concentrates
With the signed Preliminary Agreement, financing negotiations have progressed to the next stage. Following the due diligence process to be conducted by the Consortium, definitive Credit and Financing Agreements will be signed between the parties.