PERTH (miningweekly.com) – Gold developer Besra Gold has received the first $10-million from shareholder Quantum Metal Recovery under a $300-million gold purchase agreement.
Under the gold purchase agreement, Besra would sell Quantum refined gold from its Bau gold project, in Malaysia, or any other project owned to the company, until three-million ounces has been fulfilled, or aggregate deposits in an amount equivalent to the $300-million had been received from Quantum.
Besra has now received a total of $15-million from Quantum.
“Coming on the second anniversary of Besra’s listing, the transfer of the first $10-million underscores the progress Besra has made since listing and sets the company up well for its move back into commercial production, unlocking the undoubted potential of our exciting Bau project,” said Besra executive chairperson Dato’ Lim Khong Soon.
The funding would enable the Besra to fully fund production at its Bau gold project, as well as to fund the appraisal of other deposits within the Bau goldfield corridor.