https://www.miningweekly.com

Avocet secures $1.5m loan, resumes limited operations at Inata

21st January 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-quoted Avocet Mining on Wednesday said it had secured a $1.5-million loan from an affiliate of its largest shareholder Elliott Management.

The unsecured demand loan, with an interest rate of 12%, from the 27.7% shareholder’s affiliate, Manchester Securities Corp, would meet Avocet’s corporate requirements for the next three months, while it explored longer-term funding options.

It would also enable Avocet to progress its business review, which would consider options for maximising the value of its assets for the benefit of shareholders, including its Inata mine and adjacent Souma deposit, in Burkina Faso, and the Tri-K development project, in Guinea.

Meanwhile, Avocet had resumed limited operations at Inata's process plant to allow the processing of stockpiled ore, while the group progressed plans for a full resumption of operations, including mining activities, after a week-long illegal strike halted operations in December.

Workers at the Inata gold mine downed tools on December 4, illegally occupying the mine and preventing management access to the mine or plant, following talks with workforce representatives over cost-cutting initiatives to keep Inata operational.

The company was in the process of determining the optimal revised manning structures after the subsequent dismissal of about 300 employees.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.178 0.209s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: