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Ink dries on Red 5 funding

1st July 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Red 5 has achieved financial close for the overall funding package for the development of its King of the Hills gold project, in Western Australia.

The company in March this year secured a A$175-million debt facility from a syndicate of banks, allowing for the development of the 2.4-million-ounce-a-year operation.

The initial mine plan for King of the Hills estimated a mine life of 16 years, with gold production in years one to six expected to average 176 000 oz/y, while peak annual gold production of 203 000 oz/y will be achieved in 2024, benefitting from underground mining of one-million tonnes a year in years one to four.

Red 5 on Thursday noted that the development of the project remained on schedule and within budget, with first gold expected in the June quarter of next year.

Edited by Creamer Media Reporter

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