Vantage secures A$12.5 loan for expansions
PERTH (miningweekly.com) – Vantage Goldfields has secured a A$12.5-million loan agreement with Alchemists Incorporated, the South Africa-focused gold miner reported on Monday.
The ASX-listed miner said the unsecured three-year loan would be fully drawn down by the end of this month.
Funds from the loan would be geared towards exploration and mining activities, as well as providing the company with capital to fund its infrastructure and working capital needs.
The junior miner reported record output from its South African operations at the start of this year, producing 9 226 oz of gold during the three months to December, a 19% increase on the previous quarter.
The company was hoping to expand production at both its mines, increasing total output by 40%, from the current 35 000 oz/y to around 50 000 oz/y.
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