Besra to receive first cash from $300m funding facility
PERTH (miningweekly.com) – Gold developer Besra Gold on Wednesday announced that all of the conditions precedent to a $300-million gold purchase agreement with shareholder Quantum Metal Recovery, had now been satisfied.
The company earlier unveiled the funding deal under which $300-million would be paid over 30 months against future production ounces, and would enable the Besra to fully fund production at its Bau gold project, in Malaysia, as well as to fund the appraisal of other deposits within the Bau goldfield corridor.
The facility is expected to remove the need for dilutive equity financing or project debt and covers up to three-million ounces of gold offtake. Subject to drawdowns under the facility occurring, the funding will be available at a rate of up to $10-million a month with an initial $2-million immediately available on the execution of a term sheet, and a further $3-million on the execution of the facility agreement.
Deliveries to Quantum are to be made from all gold produced up to 25 000 oz, 80% of all gold produced from 25 001 oz to 120 000 oz and thereafter 65% of all gold produced, leaving 35% of gold production unassigned.
Besra on Wednesday said that $10-million is being deposited into the company’s drawdown accounts, and was expected no later than the first week of October.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Press Office
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
