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MCK Trucks has been the mining contractor at Tiger’s Kipoi copper mine in the Democratic Republic of Congo since it started production in 2011.
The local contractor approached Tiger about becoming a shareholder.
Tiger has issued 35.6 million shares to MCK at A36c per share, with proceeds to be settled through the provision of mining services for the Stage 2 solvent extraction electro-winning (SXEW) operation at Kipoi.
“Having MCK on our share register demonstrates the confidence and support we’ve got from the local community and strengthens our in-country relationships,” Tiger managing director Brad Marwood said.
“Our alliance with MCK will reduce the development cost for the next phase of works whilst maintaining a presence at site of a key contractor who has been an integral part of our success story to date.”
The SXEW plant is set to begin copper cathode production in the current quarter, producing 25,000 tonnes in its first full 12 months of operation and 50,000t per annum thereafter.
Shares in Tiger dropped 2.6% to 37.5c this morning.
