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.