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Revised Paulsens restart study expected next month – Black Cat

23rd October 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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An update to the restart study for the Paulsens gold mine, in Pilbara, will be announced in November, ASX-listed Black Cat Syndicate reported on Monday.

The study targets increased production, improved recoveries, lower upfront capital costs and stronger cashflow, said MD Gareth Solly.

The July restart study estimates capital requirements of A$34.4-million and production of 42 000 oz/y over an initial three years.

Black Cat last month announced that it had secured A$60-million in funding for the Paulsens restart. On Monday, the firm reported that it had entered into binding agreements for the funding package, comprising equity placements of A$45-million to subsidiaries of Fuyang Mingjin New Energy Development and Southeast Mingqing Supply Chain, as well as a secured debt facility of A$15-million with Mingjin.

Mingjin and Southeast Mingqing will now apply for Foreign Investment Review Board approval, followed by the lodging of applications with Chinese regulatory authorities in November.

“We are pleased to have formalised our agreements with Mingjin and Southeast Mingqing in a short period of time. All parties have shown commitment to progressing the funding package and restarting Paulsens in the shortest possible timeframe,” said Solly.

Black Cat’s vision is to start three gold operations, with Paulens being the initial focus.

Edited by Creamer Media Reporter

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