Augusta Resource announced today a deal with Red Kite Explorer Fund LP for a loan of $40 million to pay off short term debt on Rosemont Copper Company's balance sheet.
In addition, under the terms of an off-take agreement, "Red Kite will purchase up to 15% of Rosemont’s copper concentrates up to a maximum of 45,000 dry metric tonnes per year, for a period of 10 years, starting with commencement of commercial production, which is expected in 2012."