Thor Explorations Nigeria project now 89% funded
Canadian junior Thor Explorations is making steady progress with its Segilola gold project, in Nigeria, announcing on Tuesday that it had signed an engineering, procurement and construction EPC contract and that the $97.6-million project was now 89% funded.
Chinese-headquartered Norinco International will deliver Segilola at a fixed price of $67.5-million for the full delivery of design, engineering, procurement, construction and commissioning of the proposed 650 000 t/y gold ore processing plant within 18 months of the commencement date.
The start of the EPC contract was subject to certain conditions precedent, including financial close of $78-million in financing from Africa Finance Corporation (AFC). Thor reported that the AFC board had approved the financing and the parties were in the process of documenting the financing.
Norinco International has also committed to provide $6.5-million in financing of the EPC contract. As a result of the AFC and Norinco International financings and indicative terms provided by the project’s consumables supplier for a $1.9-million working capital arrangement, the project was now 89% funded, or $86.4-milllion of a total project funding requirement.
Thor also reported that its previously announced private placement to raise $15-million was progressing well and that its successful completion would result in the project being fully funded through construction into operation.
The Segilola openpit project is projected to produce 80 000 oz/y over an initial five-year life-of-mine. The project has probable mineral reserves of three-million tonnes grading 4.2 g/t gold.
A preliminary economic assessment has also been undertaken for a proposed supplemental underground project at Segilola, which could produce 33 000 oz/y.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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