Meridian Mining jumps 6% as Cabaçal advances towards FID - UPDATE Proactive Mon, November 9, 2026 at 2:36 AM EST 2 min read MNO.TO +2.38% HG=F +1.55% GC=F +0.83% MNO.L +4.17% MRRDF +0.87% Meridian Mining jumps 6% as Cabaçal advances towards FID - UPDATE Proactive uses images sourced from Shutterstock Meridian Mining Plc (TSX:MNO, OTCQX:MRRDF), the Brazil-focused copper and gold developer, jumped up 6% to an intraday high of 91.8p after announcing further progress toward a final investment decision on its Cabaçal project in Brazil.
The company has moved Cabaçal into the pre-construction phase as it advances towards a final investment decision and evaluates fully funded financing proposals worth up to $400 million.
The company has appointed engineering group AFRY as engineering, procurement and construction management contractor for Cabaçal, while also progressing power, road and other infrastructure work.
Meridian said it has committed $31 million to pre-construction spending, including transformers, road and bridge upgrades, a semi-autogenous grinding mill, Jameson Cells and an IsaMill.
The company has also secured the installation licence and access agreements for a planned 24-kilometre, 138-kilovolt power line connecting Cabaçal to Brazil's national grid.
Financing discussions have generated more than 20 indicative proposals, including several offering more than $300 million in debt and fully funded packages of $400 million covering debt, cost overruns, equity requirements and potential offtake arrangements.
Meridian is now assessing the proposals before selecting preferred bidders for detailed negotiations.
The project's definitive feasibility study outlined an after-tax net present value of $2.1 billion and an internal rate of return of 108%, based on pre-production capital expenditure of $322 million.
Chief executive Gilbert Clark said the strength of the financing interest reflected Cabaçal's economics and the quality of its copper-gold-silver concentrates, adding that Meridian's roughly $90 million treasury provided a strong position as it moves from developer to producer.
