Metals X has secured $50 million in institutional funding for the ramp-up of the Nifty copper project in the East Pilbara, Western Australia.

The company, which is one of Australia’s top copper producers and largest tin producer, is ramping up the Nifty project towards a targeted annual copper production of 40,000 tonnes per year (t/y).

Metals X will issue 76.9 million shares at a fixed price of 65 cents per share as part of the arrangement. Settlement of the placement is due to take place today.

Funds from the placement will also be used for the advancement of Metal X’s flagship Wingellina nickel-cobalt project and Marochydore copper project, as well as providing general working capital. Some funds will also be allocated for the exploration of the prospective Paterson province at Nifty and Renison tin complex in Tasmania.

“We are very pleased not only to have received the strong support of our major shareholders, but also to welcome several additional high quality institutions onto the register as part of the placement,” said Metals X managing director Warren Hallam.

“The company’s priority remains the ramp-up of Nifty which the placement supports, but the funds raised also provide us with the balance sheet strength to accelerate and deliver on our impressive pipeline of growth projects across the copper, tin and nickel divisions.”