Photo by: Bloomberg
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.