Gold and nickel exploration and development company Katoro Gold says the commercial and technical development of the Blyvoor joint venture (JV) project is progressing well, with former Harmony Gold CEO Graham Briggs having been appointed JV manager.
Katoro in January announced that it had entered into an agreement with Blyvoor Gold Operations and its holding company Target Mine Consulting to jointly reprocess a 1.34-million-ounce gold tailings resource owned by Blyvoor in South Africa.
Katoro reports that good progress has since been made on the feasibility work, definitive plant design and on related test work to update and optimise historical work.
“The Katoro team have been very pleased with the progress being made at the project, coordinated by the JV management committee and led by the recently appointed JV Manager Graham Briggs. Pleasingly, the project is proceeding more rapidly than anticipated," comments Katoro chairperson Louis Coetzee.
Aim-listed Katoro expects to soon provide the JV with a further R10-million, or about £527 000, in funding.
It has already advanced the JV R5-million.
To fund the loan facility, Katoro had issued a convertible loan note to SI Capital clients for £397 000 and secured the right to an additional £400 000 through Sanderson Capital Partners.
It has issued a notice to Sanderson to draw down the additional £400 000 from which it will provide further funding to the JV.