Caracal confirms receipt of $600 000 in funding
Gold producer Caracal Gold has confirmed receipt of $600 000 in funding, comprising a $500 000 financing agreement with Koenig Vermoegensverwal announced on October 1 and a $100 000 loan agreement with Caracal CEO Robbie McCrae.
"The company has a clear plan for both the corporate and project areas of the business and is working hard to deliver. On the corporate side, the finance team is completing the December 2023 interim accounts and, along with the auditors, is progressing the June 2024 year-end financial statements,” Caracal chairperson Simon Grant-Rennick said on October 14.
On the project side, he said the funding for the Kilimapesa expansion was the focus and that closing the Cynergy transaction was a key input of the funding.
“Everything we set out to achieve at Kilimapesa in 2022 unlocks with this funding.
"The strategy for Tanzania will become clear in the near future. A fully permitted development project with 650 000 oz in Joint Ore Reserves Committee resources combined with current high gold prices is a very valuable asset,” Grant-Rennick said.
He acknowledged that the Caracal team, from the board to management to operations, was drastically reduced, but that with the frustration of the 2023 audit behind the company, the Cynergy transaction now progressing, and the first mining licence in Tanzania approved the outlook for Caracal was starting to move in the right direction.
Grant-Rennick said the company would now start to evaluate key appointments across all areas of the business.
“An important focus [has been] to strengthen . . . the finance team and the corporate governance. This was done and, going forward, we will continue to strengthen these areas," he said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
The Aluminium Federation of South Africa (AFSA), is the voice of the South African aluminium industry.
VISIT SHOWROOM
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
