Ark gets $6m loan for small NT gold mine
JOHANNESBURG (miningweekly.com) – ASX-listed junior Ark Mines plans to start mining at its Mt Porter gold mine, near Pine Creek in the Northern Territory, as soon as its mining management plan is approved, MD Roger Jackson said on Friday, as the company announced that it had secured funding for the project.
Hong Kong registered Chan Investments has agreed to a $6-million loan for the project, which is expected to produce between 23 000 oz and 26 000 oz of gold.
Jackson said the funding for Mt Porter was secured on “reasonable and flexible commercial terms” that would not dilute its shareholders.
To start mining, Ark Mines will draw down $2.6-million as soon as the mine management plan is approved. The drawdown should be sufficient to complete the project.
Ark Mines lodged its final mine management plan on June 1, with the Department of Mines and Energy in the Northern Territory. The revised plan strengthens the environmental and financial element of the project.
Ark Mines reported last month that it was hoping to start gold production in August.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















