https://www.miningweekly.com

Norton secures A$40m facility

Norton secures A$40m facility

Photo by Bloomberg

27th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Norton Gold Fields has secured a A$40-million facility from the Industrial Bank of China to partly fund its existing facility with Gold Mountains International Mining Company, a subsidiary of major shareholder Zijin Mining Group.

The new facility would have a three-year term from first drawdown.

Norton MD and CEO Daianmin Chen said this week that in addition to securing funds on more favourable terms, the funds from the Industrial and Commercial Bank of China would also facilitate Norton’s review of the Bullabulling gold project, as well as any potential expansion of its Paddington mill arising from the recent milling allocation agreement with fellow-listed Excelsior Gold and the licence to mine with Phoenix Gold.

“These agreements will further support the company’s vision to increase its gold production to 300 000 oz/y in the near term and reduce its operating costs,” said Chen.

Norton was currently in the midst of acquiring ASX-listed Bullabulling Gold, with the 8c-a-share offer expected to close on September 15.

The gold miner has warned that a decision to proceed with the Bullabulling project, in Western Australia, would be dependent on the gold price and on market conditions.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.11 0.148s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: