Navan Resources has agreed the debt financing arrangement for a major expansion of its Spanish mining and metallurgical operations. It will fund the first phase of development of a new copper/lead/zinc mine at Aquas Tedidas.

Announcing the deal, Navan said Barclays Capital, the investment banking arm of Barclays, will provide it with a $15 million term loan facility and with a further $5 million loan, exchangeable into Navan shares at 80p per share. The bank will also provide an additional $3 million working capital facility and be granted warrants to purchase 375,000 Navan shares.