RNC raises funding to support WA nickel ramp up

15th December 2017 By: Creamer Media Reporter

JOHANNESBURG (miningweekly.com) – TSX-listed RNC Minerals has restructured a loan and raised additional funds to support the nickel ramp-up at its Western Australia-based Beta Hunt mine, where it aims to double production to four-million pounds next year.

The company announced this week that it had restructured its financing package with Auramet International to fund the repayment of all obligations under a senior secured gold loan. RNC has also raised an additional $4.5-million in capital from Pala Investments and other key stakeholders.

"This support from Auramet and other key stakeholders will provide RNC with the financial flexibility to complete the gold and nickel ramp-up at Beta Hunt, including the planned doubling of nickel production in 2018, by deferring principal payments until March 31, 2018, reducing the principal of the senior debt facility by $3-million, and providing an additional $4.5-million in capital,” said RNC president and CEO Mark Selby.

He added that Beta Hunt Mine remained on track to achieve strong quarter-on-quarter gold production growth in the current quarter.