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Trigon Metals (TSX-V: TM; OTCQB: PNTZD) has secured a USD$2.5 million working capital facility from its offtaker, IXM S.A., for its Kombat mine in Namibia. The advance payment will be drawn in two tranches of USD$1.25 million each, with the first already drawn and the second to be drawn between August 19 and August 30, 2024.
The facility carries an interest rate of 30-day SOFR average plus 2.5%, with capital to be settled in equal monthly installments over 12 months through copper concentrate deliveries, starting October 2024. This advance payment demonstrates IXM's commitment to the Kombat Project and recognizes Trigon's consistent performance in meeting projections and delivering high-quality copper concentrate.
Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZD) has implemented a plan to address a temporary setback in underground pumping at its Kombat mine in Namibia. The failure of one of two main dewatering pumps on June 14, 2024, caused water levels to rise from 331 meters to 227 meters below surface. A new pump body is expected to arrive by July 21, 2024, with installation completed by July 28, 2024.
Despite this setback, mining activities continue normally above 120 meters from the shaft collar. The company's VP Operations, Fanie Muller, expects a quick recovery to former water levels once pumping is restored. CEO Jed Richardson emphasized that contingency planning prevented a major flood, ensuring continuous operations. Trigon maintains its focus on underground production from the Asis West complex, with pumping setbacks not expected to impact previous guidance.
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