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Topic

BRPs to meet with Optimum, Koornfontein creditors to vote on proposed business rescue plans 

By: Simone Liedtke     10th January 2019 The joint business rescue practitioners (BRPs) of Optimum Coal Mine (OCM) and Koornfontein Mines (KFT) expect to convene meetings with creditors within the next few weeks to vote on the proposed business rescue plans for the mines. The meetings will take place once the BRPs have resolved... 

Paringa starts trading in the US

By: Esmarie Iannucci     2nd October 2018 Coal developer Paringa Resources has been approved for listing on the Nasdaq Capital Market, with US trading starting under the ticker symbol PNRL. Paringa on Tuesday said that the Nasdag listing did not include any capital raising, with the company’s cash reserves standing at $22.6-million at... 

Perseus sinks deeper into the red

By: Esmarie Iannucci     30th August 2017 Dual-listed gold miner Perseus Mining has doubled its after-tax loss, with the company reporting a net loss of A$76.1-million in the 12 months to June, compared with a net loss of A$35.6-million in the previous financial year. The ASX- and TSX-listed company on Wednesday reported that the... 

Poplar Grove construction to start next month

By: Esmarie Iannucci     7th June 2017 Construction of the Poplar Grove mine, in in Western Kentucky’s Illinois basin, is expected to start in July this year, with first production scheduled for July 2018. Coal developer Paringa Resources on Wednesday announced the award of a bulk earthworks and site development contract for the... 

Côte d’Ivoire gold project on track to start production in March 2018 quarter

By: Mia Breytenbach     28th April 2017 Development of dual-listed gold miner Perseus Mining’s Sissingué gold mine, in Côte d’Ivoire, is on schedule and was 42% complete by the end of last month. The project, which remains on track to produce first gold in the March 2018 quarter, is also on budget, with Perseus having spent $12-million... 

Perseus makes positive start to 2017, as Edikan’s Q1 production rises 51% q/q

By: Mia Breytenbach     12th April 2017 Dual-listed gold miner Perseus Mining has made a positive start to 2017, with 48 655 oz of gold produced in the quarter ended March 31. Production for the quarter was 51% higher than that produced in the December 2016 quarter, with the Edikan mine, in Ghana, on track to achieve its production... 

Paringa completes financing for Poplar Grove

By: Esmarie Iannucci     11th April 2017 Coal developer Paringa Resources has completed a bookbuild to raise A$53-million to complete the financing of its Poplar Grove mine, in Western Kentucky’s Illinois basin. The company on Tuesday told shareholders that it had received commitments for the placement of 102-million shares, at an issue... 

Paringa secures $20m for Poplar Grove development

By: Esmarie Iannucci     5th April 2017 Coal developer Paringa Resources has secured a five-year $20-million debt facility from Macquarie Bank to develop its Poplar Grove mine, in Western Kentucky’s Illinois basin. The loan facility includes a floating interest rate comprising the three-month London Interbank Offered Rate plus a margin... 

Vital raises A$5m to advance Burkina Faso exploration

By: Esmarie Iannucci     21st March 2017 Metals developer Vital Metals will raise A$5-million through a share placement to accelerate gold exploration in Burkina Faso. The junior told shareholders on Tuesday that some 400-million new shares would be issued, at a price of 1.25c each, to professional and sophisticated investors. 

Perseus secures $60m from Macquarie

By: Esmarie Iannucci     13th March 2017 Dual-listed gold miner Perseus Mining has accepted committed letters of offer from Macquarie Bank for $60-million in debt financing to fund its growth strategy. The miner on Monday said the financing included a $40-million project debt facility that will be used to finance the completion of the... 

Sprott extends $20m loan to Northern Vertex

By: Henry Lazenby     8th November 2016 Arizona-focused Northern Vertex Mining has secured a $20-million senior secured credit facility from Sprott Private Resource Lending to fund development costs of the Company's 100% owned Moss gold/silver project. Northern Vertex president and CEO Kenneth Berry stated that the facility will... 

Perseus one step closer to achieving strategic transformation goals

By: Anine Kilian     5th September 2016 Dual-listed West Africa-focused gold producer Perseus Mining has reached several more milestones on the path to implementing its strategy of transforming into a multijurisdictional, multimine producer of more than 500 000 oz/y by 2021. In a statement released on Monday, the company said that full... 

West African Resources repays $5m loan

By: Creamer Media Reporter      26th August 2016 ASX-listed West African Resources said on Friday it had repaid a $5-million loan to Macquarie Bank ahead of its maturity date on September 30. The repayment was made following the completion of a A$21-million capital raising, announced earlier this month. 

A$21m fundraising advances Tanlouka camp construction

26th August 2016 Having received commitments to raise about A$21-million through a placement of 70-million shares at a price of A$0.30 a share, Perth-based gold company West African Resources can continue to rapidly progress its Tanlouka gold project. The placement proceeds will be used to start early civil... 

West African raises $21m to accelerate Tanlouka project

By: Natasha Odendaal     10th August 2016 ASX-listed West African Resources on Wednesday said it has received commitments for a $21-million raising for the continuing development of its Tanlouka gold project, in Burkina Faso. The funds, raised through the placement of 70-million shares at a price of A$0.30 apiece, allowed further... 

Credit Suisse maintains outperform rating on Perseus after A$102m equity raise

22nd June 2016 Financial services group Credit Suisse has maintained its outperform rating and A$0.72 a share price target on West African gold producer Perseus Mining following the company’s A$102-million equity raise. The A$102-million raise at $0.50 a share, which comprised a $A61-million institutional... 

Rye Patch closes C$49.1m financing to fund Florida Canyon mine buy

By: Henry Lazenby     17th June 2016 TSX-V-listed Rye Patch Gold has closed a C$49.1-million financing through a syndicate of agents which exercised their overallotment option. The Vancouver-based development company said it would use the net proceeds to fund the $15-million cash portion of its commitment to buy the the Florida... 

Excelsior completes funding deal

By: Esmarie Iannucci     4th January 2016 Gold miner Excelsior Gold has drawn down the first funds from a A$4.5-million project loan facility secured from Macquarie Bank. The facility was expected to partially refinance an existing A$4-million convertible loan, with Excelsior also using the call options premium generated from A$1 600... 

Macarthur sells WA assets to focus on Roper Bar

By: Esmarie Iannucci     14th October 2015 TSX-listed Macarthur Minerals has entered into a share sale agreement to dispose of its Western Australian iron-ore projects in a deal valued at A$6-million. The agreement, inked with GIM Australia, was subject to a number of conditions, including GIM’s acquisition of another project owned by an... 

Excelsior hedges its gold bets

By: Esmarie Iannucci     25th August 2015 Gold developer Excelsior Gold has hedged some 50 800 oz of gold at a price of A$1 570/oz until December 2017. The ASX-listed company on Tuesday said it had taken advantage of the recent volatility in the gold price by entering into the hedging programme and had also granted call options for a... 

Carpathian concludes further extended forbearance, amendment with Macquarie

By: Tracy Hancock     17th July 2015 TSX-listed Carpathian Gold has advised that the funds made available under tranche three of a project finance facility entered into between Macquarie Bank and its wholly-owned subsidiary, Mineração Riacho dos Machados (MRDM) would be increased by $1.56-million. The exploration and development... 

Excelsior Gold unveils Kalgoorlie North project funding details

By: Esmarie Iannucci     13th July 2015 ASX-listed gold developer Excelsior Gold has accepted a funding package of up to A$15-million from Macquarie Bank to refinance a convertible loan and to make payments to fellow-listed Norton Gold Fields. Excelsior on Monday reported that the facilities would comprise a project loan facility of... 

CoAL appoints new CFO

By: Creamer Media Reporter      22nd June 2015 Triple-listed Coal of Africa Limited (CoAL) has appointed De Wet Schutte as CFO and executive director. Schutte, a chartered accountant, completed an MBA at the University of Virginia in 2002. 

Toro Energy enters into deal with Sentient to refinance debt

By: Esmarie Iannucci     11th June 2015 Uranium developer Toro Energy has inked a transaction with major shareholder The Sentient Group which would halve its current A$12-million debt, and convert the remaining debt into a secured interest free loan owed to Sentient. Toro would repay the full A$12-million owed to Macquarie Bank with... 

Central Petroleum in A$45m Northern Territory deal with Santos

By: Esmarie Iannucci     5th June 2015 ASX-listed Central Petroleum would acquire a 50% interest in the Mereenie oil and gas field, in the Northern Territory, for A$45-million. Under the terms of the agreement, Central would also free-carry Santos under a A$10-million works programme prior to the development of the proposed Northern... 

Romarco Minerals closes $200m project financing

By: Henry Lazenby     1st June 2015 South Carolina-focused project developer Romarco Minerals has closed a $200-million senior secured project finance facility with a group of lenders to build its flagship Haile gold project. Financiers Caterpillar Financial Services, ING Capital, Macquarie Bank and Société Générale Corporate &... 

Closing of Romarco’s $200m debt agreement extended by 30 days

By: Henry Lazenby     24th February 2015 Caterpillar Financial Services Corporation, Macquarie Bank and Societe Generale Corporate & Investment Banking have informed TSX-listed project developer Romarco Minerals that it was necessary to extend the closure of a binding commitment for a $200-million senior secured project debt facility by... 

Teranga Gold retires debt, lifts cash and reports second best FY output

By: Henry Lazenby     8th January 2015 Senegal-focused gold miner Teranga Gold has strengthened its balance sheet by retiring the outstanding $15-million balance of its loan facility with Macquarie Bank on December 31. The TSX- and ASX-listed miner started 2014 with $60-million outstanding under the facility, of which $30-million was... 

Oz company to establish new gold mine in Africa

By: Bruce Montiea     7th November 2014 Australia-based gold explorer and developer Gryphon Minerals plans to start constructing a new gold mine, in Burkina Faso, in the first quarter of next year. Gryphon Minerals COO Steve Zaninovich says the company is on the cusp of obtaining project finance from Macquarie Bank that will enable the... 

Romarco secures $200m, no-hedge finance facility

By: Henry Lazenby     4th November 2014 A week after obtaining a federal permit under Section 404 of the Clean Water Act for the company's Haile gold mine project, in South Carolina, Romarco Minerals on Monday said it had inked a binding commitment letter with a consortium of financiers for a $200-million 8.5-year senior secured... 

West African secures funding for Burkina Faso FS

By: Esmarie Iannucci     29th October 2014 Dual listed West African Resources has secured a two-year $5-million convertible loan facility from Macquarie Bank to complete its feasibility study of the Mankarga 5 heap leach gold project, in Burkina Faso. The facility would be drawn-down fully by way of a single cash advance, and would be... 

Norton forward sells half its 2014 production

By: Esmarie Iannucci     14th October 2014 Gold miner Norton Gold Fields this week announced that it had entered into forward sales programmes for more than half of its projected 2014 production guidance. At the end of September, Norton announced that it had forward sold 25 000 oz of gold to Macquarie Bank at a flat forward price of A$1... 

Romarco receives S Carolina water permit, shakes hands with enviro groups

By: Henry Lazenby     9th October 2014 TSX-listed Romarco Minerals this week made strides towards completing project permitting for its flagship Haile gold project, in South Carolina, after receiving its water quality certification from the state of South Carolina and clinching agreements with several environmentalist groups not to... 

Western Desert becomes iron-ore price casualty

By: Esmarie Iannucci     8th September 2014 The falling iron-ore price has claimed another casualty, with junior Western Desert going into voluntary administration. The Australian miner, which owns the Roper Bar project in Northern Territory, said on Monday that it had failed to secure ongoing financial support from banker Macquarie Bank. 

Banfora expected to deliver first gold by end-2016

By: Esmarie Iannucci     4th August 2014 Gold hopeful Gryphon Minerals was hoping to pour its first gold at the Banfora project, in Burkina Faso, by the first quarter of 2016. The ASX-listed junior on Monday revealed that the feasibility study into the project had revealed that a capital investment of $96.8-million would be required... 

Northern Minerals secures A$6m interim financing

By: Esmarie Iannucci     31st July 2014 Junior Northern Minerals on Thursday told shareholders that it had secured A$6-million in interim funding from Macquarie Bank, providing the company with short-term working capital. The funding would be done through a drawdown facility offset against Northern Minerals’ 2013/14 research and... 

Romarco optimistic of permit approval, inks $200m financing mandate

By: Henry Lazenby     16th July 2014 TSX-listed Romarco Minerals on Tuesday said it had signed a $200-million project financing mandate letter with a syndicate of three international financial institutions, including Caterpillar Financial Services, Macquarie Bank and Societe Generale Corporate & Investment Banking. The... 

Minera receives construction permit for Ollachea, project financing outstanding

By: Tracy Hancock     30th June 2014 Latin America gold mining company Minera IRL has secured the final major government approval required to start construction of its flagship project, the Ollachea gold mine, in southern Peru, with project financing still outstanding. The Peruvian Ministry of Mines and Energy approved the... 

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