The bonds value is based on higher value copper linked to the London Metal Exchange or interest rates linked to the US Federal Discount Rate. 

Paul de Gruchy, Vice-President of Investor Relations at Phoenix, said: “Delivering a more sustainable energy mix globally is going to require greater amounts of copper but currently there is a structural undersupply, and the big challenge facing the industry is financing an increase in production. We believe our innovative financing arrangement presents significant advantages to the Company and its investors and in doing so, supports the transition to net zero."

Robbie Andrade, Chief Operating Officer at TISE, said: “I’m delighted to welcome Phoenix’s corporate copper bond issuance to listing on TISE. It is especially pleasing to facilitate such an innovative financing arrangement, which further demonstrates the ability to list a wide range of bonds on QIBM. I would like to thank all the transaction parties for bringing this unique listing to fruition on TISE."

Phoenix’s Listing Agent for the listing on TISE is Carey Olsen. 

Tony Lane, Corporate Partner at Carey Olsen in Guernsey, said: “Our firm is active in the natural resources sector and so it was particularly pleasing to be able to apply our expertise as leading TISE listing agent to that sector, and to assist the launch of this innovative corporate bond. We look forward to helping further issuances to support Phoenix's exciting business operations."

Pictured (top): Paul de Gruchy and Robbie Andrade.