Havilah secures A$6m for Portia development
PERTH (miningweekly.com) – ASX-listed junior Havilah Resources has secured a A$6-million loan and risk management facility from Investec Group to fund the Portia gold project, in South Australia.
“It is a great endorsement of Havilah’s projects and strategy to have achieved the support and backing of a respected resource financier like Investec,” said MD Chris Giles.
“Establishment of the facility improves certainty of cash flows and provides a solid contingency funding plan for the period leading up to first gold production from Portia, when we need funds to complete the Portia processing plant and our other project work.”
The proposed risk management facility would involve the hedging of some 10 000 oz of gold production and would restrict hedging to no more than 40% of Havilah’s share of the production from Portia.
Havilah’s share of additional revenue from Portia would be subject to a success fee, which would only apply if production exceeded 50 500 oz of gold in total and would be capped at a total production of 80 000 oz.
The loan facility would have a maturity date of 18 months and interest would be set at the floating Bank Bill Swap Bid Rate, plus a credit margin.
The funding would allow Havilah to complete the refurbishment, transportation and installation of a gravity process plant, as well as allow the miner to continue advancing other key development projects to a mining decision stage.
First gold from Portia was expected in July 2016. The mine is estimated to host a Joint Ore Reserves Committee-compliant inferred resource of 720 000 t, grading 2.9 g/t gold for 67 000 oz of contained gravity recoverable gold.
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