https://www.miningweekly.com
Gold|Mining|PROJECT
Gold|Mining|PROJECT
gold|mining|project

Classic finds funding solution for Kat Gap start

9th September 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Junior explorer Classic Minerals has secured funding to start production at its Kat Gap gold project, in Western Australia.

The ASX-listed company has signed a binding term sheet with Goldvalley Brown Stone which would provide up to A$10-million in non-recourse funding for the extraction and processing of Kat Gap ore.

Classic will supply ore containing the current near 90 000 oz mineral resource, and the parties would share the net profits from the gold production on a 70:30 basis, in Classic’s favour.

The term sheet is conditional upon the completion of satisfactory due diligence, and Goldvalley entering into binding agreements with the owner of a registered gold mill to toll treat the Kat Gap ore, as well as Classic obtaining any statutory approvals.

“The Kat Gap project has reached an exciting stage with a clear path to mining and processing of gold now laid out, which will bring benefits to shareholders,” said Classic chairperson John Lester.

“We have begun the transition from explorer to producer and shareholder patience will be rewarded.

Lester emphasised that with Goldvalley as a partner, funding the extraction and processing of ore, Classic is provided with a low capital way forward whilst retaining a solid proportion of the profits and avoiding dilution. He said it has always been the company’s strategy to retain control of the project and ensure greatest shareholder benefits.

Edited by Creamer Media Reporter

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.106 0.14s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: