Firefinch not raising cash
PERTH (miningweekly.com) – The share price of ASX-listed Firefinch rose by more than 4% on Thursday after the company refuted claims that it was looking to raise capital.
Responding to a media article that alluded that the company could be looking to raise capital in the near future, the company said in a statement that the "speculation is not correct".
Firefinch this week received the first $39-million payment from joint venture (JV) partner Ganfeng Lithium Co, which is investing $130-million in return for a 50% interest in the Goulamina project vehicle, and it will also secure up to $64-million in debt funding that will bring the Goulamina project, in Mali, into production.
Firefinch is currently completing a definitive feasibility study (DFS) update that will consider a Stage 2 expansion of Goulamina, involving a 75% increase in production capacity from 2.3-million tonnes a year to 4-million tonnes a year, resulting in spodumene concentrate production increasing from 450 000 t/y, and making Goulamina one of the largest producers globally.
The completion of the updated DFS, and a final investment decision for Goulamina is on track for late 2021.
Firefinch is planning a split of its gold and lithium assets early next year.
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