Highlander lines up $330M Corani silver project debt

AI desk brief

Highlander Silver has lined up Natixis to arrange a fully underwritten $330M senior secured loan for the Corani silver project in Peru, moving the project closer to construction financing. The proposed seven-year facility would cover roughly 72% of the estimated $450M-$500M build cost, with a $100M cost-overrun buffer to be in place before first draw; closing is targeted for Q1 2027.

Corani remains a sizable long-life silver asset, with 229Moz of proven and probable silver reserves and a 2019 feasibility study that outlined average production of 9.6Moz/yr over 15 years. Highlander said it has about $100M cash, no debt at end-June, and retains 100% of offtake rights; BMO expects no equity raise and sees first production by end-2029. Shares fell 7% as silver dropped about 3% and bond yields rose.