{kanada_flagge}Cerro de Pasco Resources Inc. (CSE: CDPR; OTCPK: GPPRF; FRA: N8HP) last week (on July 18, 2023) signed a term sheet with engineering and construction company China Railway N° 10 Engineering Group CO. LTD. of Sucursal del Perú (“CREC10”), a term sheet providing for US$12.0 million in services for the construction of infrastructure and development of the Santander Pipe project. In addition, CREC10 will provide contract mining services at the Santander Mine. CREC10 is part of China Railway Group, a large business conglomerate and a Fortune Global 500 company.
{kanada_flagge}Cerro de Pasco Resources Inc. (CSE: CDPR; OTCPK: GPPRF; FRA: N8HP) last week (on July 18, 2023) signed a term sheet with engineering and construction company China Railway N° 10 Engineering Group CO. LTD. of Sucursal del Perú (“CREC10”), a term sheet providing for US$12.0 million in services for the construction of infrastructure and development of the Santander Pipe project. In addition, CREC10 will provide contract mining services at the Santander Mine. CREC10 is part of China Railway Group, a large business conglomerate and a Fortune Global 500 company.
The financed construction services with CREC10 meet the requirements for additional subordinated financing in respect of the signed term sheets dated May 2, 2023 with both Ocean Partners UK Limited (“OPUK”) and Arena Investors, LP (“ARENA”). The total amount of the financing is now between US$29.0 million and US$32.5 million. The financing package consists of a mix of senior debt, an off-take revolver, local equity and funded construction that will be used to strengthen the Company’s balance sheet and secure construction of the critical projects required for the Company’s Santander Pipe project in Peru.
Jorge Lozano, CDPR’s COO, stated, “We are pleased to enter into this agreement with CREC10 for financed construction services. The Group has an extensive track record in infrastructure projects, both civil and mining, in Peru and worldwide. In total, we have raised funding of US$29.0 million to US$32.5 million to meet the capital requirements for the development and construction of the Santander Mine with a focus on the Pipe Project. The participation of CREC10, as well as OPUK and ARENA, is a testament to the solidity of the information and work we have done on the Santander Pipe project in terms of exploration, engineering and sustainability, all of which support our approach.”
The Company expects the CREC 10 Framework Agreement and the Financed Construction Services Agreement to be signed concurrently with the closing of the previously announced Arena and OPUK financings in August 2023.
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