By Jaime Llinares Taboada

Phoenix Copper Ltd. said Wednesday that it is launching a bond placement for a minimum of $60 million to finance the construction of its Empire open pit copper mine in Idaho.

The AIM-listed mining company said the bonds will be noncovertible and repayable after 10 years. The coupon is semiannual and is linked to the copper price, ranging between 7.5% and 20% a year.

"We have previously indicated that we intended to finance construction of the Empire open pit mine with minimal or no dilution to existing shareholders, and we expect the bond placement to achieve this, as the bonds will be non-convertible," Chief Financial Officer Richard Wilkins said.

Shares at 0751 GMT were up 6.1% at 52 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

June 08, 2022 04:18 ET (08:18 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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