ASX-listed Vector Resources has secured a $20-million committed debt facility with resources focus fund Medea Future Materials Fund, to help reduce its indebtedness with a local Democratic Republic of Congo (DRC) bank.
The company needs $5-million for upfront acquisition costs, about $10-million for a definitive feasibility study (DFS) for the Adidi-Kanga gold project, and initial project development costs.
The company is progressing towards doing a DFS and hopefully making a decision to mine at the project.
Vector, together with Mongbwalu Goldfields Investment and Fimosa Capital as partners, intend to acquire a 60% interest in the project.
Adidi-Kanga is part of gold miner AngloGold Ashanti’s former Mongbwalu gold project.