CuDeco concentrates on balancing the books

COPPER producer CuDeco Ltd has stitched up a multimillion-dollar deal to supply copper concentrate to Japanese export giant Mitsui & Co.

Under the agreement CuDeco, which relocated from the Gold Coast two years ago, will receive a $20 million prepayment by Friday, when they are due to repay $15 million to China Minsheng Banking Corporation.

An announcement to the ASX yesterday said the balance of the prepayment would be applied to working capital.

The deal will see CuDeco supply copper concentrate to Mitsui, one of Japan’s largest trading companies, from November this year.