BNP Paribas agrees to amendment of Harte Gold forbearance agreement
Troubled gold miner Harte Gold has been offered a reprieve by BNP Paribas, which has agreed to refrain from enforcing its rights and remedies under an amended forbearance agreement.
The amendment has extended the date which BNP Paribas has agreed to refrain from enforcing its rights and remedies under the BNP debt facilities from September 30, to October 15, the TSX-listed miner said on Thursday.
The agreement provided for the continuation of Harte’s strategic review process, initiated in June.
Harte, which operates the Sugar Zone mine, in Ontario, also reiterated that its already lowered guidance for the year was at risk and stated that it might not be achieved.
The guidance was lowered by 10 000 oz in May to between 50 000 oz and 55 000 oz, at an all-in sustaining cost of $1 800/oz to $2 200/oz, compared with its previous target range of $1 400/oz to $1 550/oz.
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