Project financing for Nussir copper-gold-silver project
By Global Infrastructure Sherpa · Aug 19, 2025
development/construction
Stage
Nussir copper-gold-silver project
Project
Hartree Partners and Oaktree Capital Management provided a project finance package of up to US$140 million to Blue Moon Metals Inc. for the continued development and construction of the Nussir copper-gold-silver project in northern Norway.
Deal Analysis
Hartree Partners and Oaktree Capital Management's project financing package of up to US$140 million to Blue Moon Metals Inc. for the Nussir copper-gold-silver project in Norway represents a significant investment in critical mineral development. This financing will support the continued development and construction of the project, aiming to unlock a domestic source of these strategically important metals. The involvement of commodity firms like Mercuria Americas and Traxys as suppliers, alongside participants such as GE Vernova, Western Digital, Clarios, and Boeing, suggests a broad interest in securing access to the project's output and contributing to the supply chain.
- US$140 million project financing package for the Nussir copper-gold-silver project.
- Involvement of Hartree Partners and Oaktree Capital Management as lenders.
- Project located in Norway, a politically stable and mining-friendly jurisdiction.
- Participation of various companies including GE Vernova, Western Digital, Clarios, and Boeing, highlighting the broad industry interest in critical mineral supply.
Market Context: The deal occurs within the context of increasing global demand for critical minerals like copper, gold, and silver, driven by the energy transition, electrification, and technological advancements. Norway is an attractive location for mining projects due to its stable political environment and established mining industry.
Source Intelligence
KEY DETAILS
Key terms of the package include a US$25 million bridge loan to fund early works, pre-construction activities, development, construction, operation and working capital requirements, maturing on June 30, 2027 a US$70 million redeemable precious metals stream agreement for 70% of the payable gold production and 75% of the payable silver production on all production for the life of the mine. an up to US$50 million senior secured term loan, to be drawn in defined tranches or on an as needed basis over a 6.5 year term, as of the date of closing up to US$20 million in equity, with Oaktree subscribed to acquire US$5 million in equity, subject to approval of the TSX Venture Exchange, at C$3.30 per share for a total of 2,092,173 new common shares of Blue Moon and a non-binding follow on letter of intent of up to US$15 million to be completed upon the occurrence of certain events and capped to maintain ownership below a 19.9% threshold between the Lenders
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Deal Size
up to US$140 million project financing package
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Location
the Nussir copper-gold-silver project in northern Norway
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Financials
an up to US$50 million senior secured term loan, to be drawn in defined tranches or on an as needed basis over a 6.5 year term, as of the date of closing up to US$20 million in equity
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Announcement
On August 19, 2025, Blue Moon Metals Inc. ("Blue Moon") announced that it entered into a memorandum of understanding with Hartree Partners, LP ("Hartree") and funds managed by Oaktree Capital Management, L.P. ("Oaktree", together with Hartree, the "Lenders", and each a "Lender") for a project finance package of up to US$140 million
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Expected Close
following the satisfaction of certain defined conditions by March 31, 2026
PARTIES MENTIONED IN SOURCE
H
Hartree Partners
lender
"Torys acted as counsel to Hartree Partners and Oaktree Capital Management as the lenders"
O
Oaktree Capital Management
lender
"Torys acted as counsel to Hartree Partners and Oaktree Capital Management as the lenders"
B
Blue Moon Metals Inc.
developer
"as the lenders to a subsidiary of Blue Moon Metals Inc."
W
Worley Limited
advisor
"delivery of a Worley feasibility study by Worley Limited targeted for February 2026"
high quality
Enriched Feb 19, 2026
Market Context
This deal is part of the Critical Minerals sector in Norway.
1 of 2 Critical Minerals deals tracked this month · Updated daily
Global Infrastructure Sherpa