Bellevue development draws a crowd
PERTH (miningweekly.com) – Gold developer Bellevue Gold on Wednesday told shareholders that it had received "overwhelmingly strong" response to its calls for debt funding for its Bellevue gold project, in Western Australia.
The ASX-listed company received debt funding proposals from 12 domestic and offshore financial institutions, ranging from A$170-million to A$289-million.
“The quality of the institutions which have lodged proposals and the highly attractive terms they contain reflect Bellevue’s outlook as a high-grade, high-margin project in a tier one location,” said MD Steve Parsons.
“Given these offers and our cash position of A$94-million at the end of June, we are on track to develop the project and join the ranks of Australian gold producers in 2022.”
The gold developer recently told shareholders that it was considering expanding the planned 750 000 t/y plant as the basis of the upgraded Stage 2 feasibility study, which is due to be completed later this quarter.
Once the study has been completed, the company will make a shortlist of preferred financiers and will move to the second stage of the debt funding process, which is expected to involve site visits, completion of legal and technical due diligence and facility documentation.
The previously completed Stage 1 study estimated an average annual production of 160 000 oz between years one to five of the operation, with life-of-mine average production expected to be 151 000 oz/y.
The feasibility study estimated that the project would have an initial mine life of 7.4 years, with first gold pour targeted for the December quarter of 2022.
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