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De Grey secures A$1bn senior debt for WA gold mine

28th June 2024

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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The Hemi gold project, in Western Australia, is getting closer to a final investment decision with developer De Grey Mining on Friday announcing that the project was fully funded.

The ASX-listed company has secured a A$1-billion senior debt facility from commercial banks and government agencies, as well as a A$130-million cost overrun facility.

This, combined with De Grey’s existing cash reserves of about A$850-million following a recent A$600-million equity raising, will fund the construction of the half-a-million-ounce-a-year gold mine.

CFO Peter Canterbury stated that the company would finalise documentation with the lender over the coming months to achieve the targeted A$1-billion senior debt facility in the second half of the year.

De Grey is still awaiting environmental approvals before construction can be initiated, he added.

Edited by Creamer Media Reporter

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