BCD secures finance for Lorena development
PERTH (miningweekly.com) – Junior BCD Resources has secured project financing facilities to support the development and commissioning of its Lorena gold project, in Queensland.
The company said on Friday it had been offered a A$3-million interest-bearing financing facility from Switzerland’s MKS SA and a supplementary A$2.5-million concentrate finance facility for working capital purposes.
Furthermore, BCD has also been offered various forward sales, marketing and refining facilities for gold produced at Lorena, and processed at the Beaconsfield operation.
BCD told its shareholders that the facilities were a significant step forward for the company and the Lorena joint venture (JV), which BCD manages.
A significant portion of the required plant and equipment at Lorena has already been purchased and was either en route or already delivered to site. Civil construction was expected to start as soon as the necessary statutory approvals were in place.
The project was likely to start processing mined ore by the end of June.
BCD would act as the manager of the JV and would be responsible for all development, operating and management functions. The JV would operate on the existing granted mining leases held by ASX-listed Malachite Resources and would apply to all opencut and underground resources within the mining lease area.
Initially, net proceeds from the operation would be shared on a 50:50 basis and, once production exceeded 80 000 oz/y of saleable gold equivalent, Malachite’s share of proceeds would increase to 65%. When the 120 000 oz/y mark was reached, Malachite and BCD would share the product on a 75:25 basis, favouring Malachite.
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