Newfield finds funding for Sierra Leone mine
PERTH (miningweekly.com) – ASX-listed Newfield Resources has secured a A$55-million funding facility to advance its Tongo diamond mine, in Sierra Leone, towards commercial production.
The company on Wednesday said that the funding facility would provide Newfield with access to committed capital, allowing flexibility on the timing of any potential capital raise, but would not obligate the company to proceed with any placement.
The funding facility with SBC Global Investment Fund would have a 36-month period and would include an initial placement of more than 1.45-million shares, at an issue price of 34.4c each, raising an initial A$500 000 on the signing of the facility agreement.
Newfield started production at Tongo earlier this year, and the company has sold more than 5 000 ct in Antwerp in May this year, at a sales price of $262/ct. Newfield said on Wednesday that the funding facility would contribute to the continued development of the project and to advance the Kundu and Lando declines, as well as to fund the opening of additional mining and production areas from the Kundu kimberlite, and start production from the Lando kimberlite.
Funds would also be used for drilling work to convert mineral resources to reserves at the nearby Tongo Dyke-1 orebody.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation