Emerald closes Okvau financing
PERTH (miningweekly.com) – ASX-listed Emerald Resources has achieved financial close on a $60-million project debt facility for its Okvau gold project, in Cambodia.
The company had previously inked a credit agreement with Sprott Private Resource Lending to allow for the construction of the Okvau project.
Emerald said on Tuesday that the availability of the staged drawdown of the $60-million Okvau project debt facility has been scheduled to meet the project development timeline milestones, with the first $10-million available immediately.
“We are extremely pleased to have met another significant milestone along the development pathway for the Okvau gold project following the execution of all facility documentation and obtaining perfection of security for the Okvau project debt facility,” said Emerald MD Morgan Hart.
“Additionally, Sprott’s equity commitment alongside existing shareholders serves to further strengthen the company’s financial position during the current volatile world market conditions related to the ongoing coronavirus issues.”
The Okvau project is expected to require a capital investment of $98-million to develop a two-million-tonne-a-year operation delivering about 106 000 oz of gold, over an initial mine life of seven years.
Hart noted that Emerald has now started the construction of Okvau and expected to achieve commissioning and first gold pour by the second quarter of 2021.
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