https://www.engineeringnews.co.za

Centaurus appoints hunter for Candonga financing

6th January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed metals developer Centaurus Metals has appointed resource financier RMB Resources to arrange for a A$6-million working capital facility to underpin the development of the Candonga iron-ore project, in Brazil.

Funds would also be used to support ongoing exploration programmes in Brazil, including at the Candonga West project.

Centaurus told shareholders on Tuesday that subject to the completion of a due diligence in January, an approved offer of finance was expected by the end of February.

“Candonga is a quality project which will generate strong cash flows due to its very low cash costs. RMB’s initial feedback on the project has been positive, and we will now work with them to assist their due diligence process for the facility to allow us to commit to development of the project in the shortest possible timeframe,” MD Darren Gordon noted.

Production at Candonga would start in the second quarter of next year, at a rate of 300 000 t/y under a trial mining licence, which was lodged in April this year. Centaurus told shareholders that the licensing process was well advanced, and final approval of the trial mining licence was expected in the first quarter of 2015.

The project was expected to require a capital investment of A$3.6-million, and would have a life-of-mine cash cost of A$14.90/t.

Edited by Creamer Media Reporter

Comments

Latest News

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.073 0.129s - 156pq - 2rq
Subscribe Now