Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) has bolstered its operational capabilities with an order of new equipment and refinanced its debt.
A new loan agreement has been agreed at more advantageous terms, it said, which is expected to enhance its financial flexibility and reduce the cost of capital.
The company has, meanwhile, invested in two pre-owned ball mills to be used in the processing circuit at the Empire open-pit mine.
“The directors believe the purchase of these mills at a significant discount to the price of the same equipment when new, should have a material positive impact on the Empire mine project economics, as well as reducing the time required to purchase these long lead-time items,” the company said in a statement.
Last month, the company completed an ‘upsized’ equity raise supported by stronger-than-expected investor demand – bringing in around £2.7 million of new capital.