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construction|contractor|engineering|exploration|gold|mining|project|security|underground|equipment|operations

Lion One secures funding for gold project

6th June 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Tuvatu gold project, in Fiji, is poised for development after project developer Lion One Metals secured a $40-million finance facility with Sinosteel Equipment & Engineering and mining and smelting group Baiyin.

Lion One will engage Sinosteel as the project engineering, procurement and construction contractor, and Baiyin as the offtake partner.

The facility will have a five-year term and a yearly interest rate of 7.5%, and will have a net smelter return royalty of 2.25% on the first 350 000 oz of gold produced at Tuvatu.

Lion One will have the option to increase the principal of the facility by $10-million with the same interest rate, repayment schedule, security and pro-rata royalty as the facility.

The ASX- and TSX-listed company will also have the right to obtain a new facility of up to $10-million freely, provided it is not secured against the facility security.

The Tuvatu project is fully permitted for operations to start and is advancing as a near-term production opportunity with district-scale exploration upside.

The project is expected to comprise an underground mining operation producing 352 931 oz of gold over a seven-year period and at cash costs of $567/oz.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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