https://www.miningweekly.com

Red Mountain nails down financier for Batangas

16th December 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Red Mountain Mining has secured $5.5-million from a private investor to fund its definitive feasibility study (DFS), final permitting and development of its Batangas gold project, in the Philippines.

The company reported on Tuesday that the two-stage funding would see the private investor provide $1-million to fund the Batangas DFS and permitting. The funding would be convertible into a 15% take in Red Mountain subsidiary RMMS, which holds the Batangas project.

The second stage of the funding would see the investor providing an additional $4.5-million in capital, for a further 35% stake in RMMS.

The second stage funding was conditional upon the satisfactory completion of the DFS, the receipt of a compliance certificate from the government of the Philippines, and the definition of a proven or probable reserve to support the production of at least 100 000 oz of gold equivalent.

“This strategic investment partnership is a very important milestone for the company as it is anticipated to provide funding to complete the DFS and mine permitting for the low-cost Batangas gold project, then provide a further contribution to project development costs,” said Red Mountain MD Jon Dugdale.

A previously completed scoping study demonstrated the potential for a viable gold mining and processing project that could deliver about 90 000 oz of gold over a four-and-a-half-year mine life. However, a revised production schedule estimated that the project could deliver 100 000 oz of gold and 250 000 oz of silver over its 5.2-year mine life.

Red Mountain was now working to complete the DFS by the first half of 2015, in parallel with final mine permitting.

Edited by Creamer Media Reporter

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 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:0.098 0.131s - 90pq - 2rq
Subscribe Now