Capital makes strides in getting all equipment on Sukari site for mining start
London-listed mining services company Capital Limited says payments on major capital equipment items required for contracts related to waste mining and extended drilling services at London-listed Centamin's Sukari gold mine, in Egypt, have significantly progressed.
The company in December gathered equity proceeds from a share placing, which helped to facilitate payments on the equipment.
This follows after Capital, in December, secured a "transformational" contract with Centamin.
At the time, Capital reported that the transaction was the largest contract it had secured to date and would increase the company's revenue by more than 40% over the four-year duration of the contract.
Capital reports that payments have now been significantly progressed for all major long-lead items required for the contracts, including 17 dump trucks, seven blast hole drill rigs, three excavators and all major ancillary support equipment such as dozers, graders and water trucks.
The company also made progress on several of the debt facilities contemplated in the capital raising prospectus, including executing a $2.6-million vendor finance agreement with Epiroc, fully drawing down on the remaining tranches of a $10-million Macquarie facility, and soon using an $8.5-million vendor facility it has with Sandvik.
Capital says discussions are advancing with lenders on additional facilities designed to provide the company with balance sheet flexibility for further growth, with the capital requirements for the Sukari contracts now met.
Preliminary mining activity at Sukari is planned to start later in the first quarter.
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