Cardinal finds funding for Namdini studies
PERTH (miningweekly.com) – ASX-listed Cardinal Resources has signed a $25-million term sheet with Sprott Private Resource Lending for working capital and funding to complete preliminary and definitive feasibility studies at the Namdini gold project, in Ghana.
Cardinal on Tuesday told shareholders that the loan facility will have a 30-month repayment term and an interest rate of London interbank offered rate + 7.75%, with early repayment flexibility.
Cardinal will issue some 4.25-million ordinary shares to Sprott, subject to regulatory approval, and the facility will be secured against the company’s assets, as well as those of its wholly owned subsidiary Cardinal Namdini Mining.
“We are pleased to announce third-party validation from Sprott, a leading industry participant,” said Cardinal MD and CEO Archi Koimtsidis.
“This facility provides Cardinal with the ability to continue to fast-track Namdini towards completion of a definitive feasibility study, anticipated in the third quarter of 2019, while also maximizing shareholder value by avoiding unnecessary dilution.”
A February preliminary economic assessment into the Namdini project had proven it to be a technically and financially robust low-cost mining opportunity, that could deliver between 159 000 oz/y and 330 000 oz/y, depending on which production scenario is chosen, with development capital costs ranging between $275-million to $426-million, and mine life from 14 years, for a 9.5-million-tonne-a-year operation, and 27-years, for a 4.5-million-tonne-a-year operation.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation