Battery Mineral Resources (TSXV:BMR,OTCQB:BTRMF) is aiming to resume operations at its Punitaqui project in Chile and bring it into production in 2024, according to Martin Kostuik, the company’s CEO.
“Job one for us is, first of all, allocating the capital and resuming operations at Punitaqui. And that’s going to be very exciting for shareholders because we will be one of the only two companies putting a copper mine into production in 2024,” he said.
“We have a three part process that we’re going through to bring funds into the company, to put it into production. One part is a convertible debenture. Another part would be a small piece of debt against the cash flows of one of our operating entities … and the third leg of that stool would be a piece of debt against some of the assets down at the Punitaqui mine.”
BMR recently announced the second closing of a private placement of senior unsecured convertible debentures for gross proceeds of US$1.915 million, bringing the total amount of new funding raised via issuance of the debentures to US$3.285 million, including the first and second closings.
For Kostuik, the Punitaqui mine is a compelling investment opportunity that has historically generated $30 million to $50 million in EBITDA per year.
Watch the full interview with Battery Mineral Resources CEO Martin Kostuik above.
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