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Vector secures $35m in additional debt

17th October 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed junior Vector Resources has secured a $35-million debt funding for its Adidi-Kanga gold project, in the Democratic Republic of Congo.

Dubai-based FT General Trading will provide the funding, which will be used for payments relating to the acquisition of the Adidi-Kanga project, the completion of a definitive feasibility study (DFS), and for the project’s future potential development, Vector said.

The funding will be provided in three tranches, with the first tranche of $5-million being drawn down on the legal completion of the Adidi-Kanga acquisition. The second tranche of $10-million can be drawn down on the receipt and presentation of an approved work plan and budget for the DFS, while the third tranche of $20-million can be drawn down on the completion of the DFS and a positive decision to mine.

The $35-million debt facility is an addition to a $20-million debt facility secured from Medea Future Materials Fund in September this year.

Adidi-Kanga is part of gold miner AngloGold Ashanti’s former Mongbwalu gold project.

Vector, together with Mongbwalu Goldfields Investment and Fimosa Capital as partners, intends to acquire a 60% interest in the project.

Edited by Creamer Media Reporter

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