Dalny payment date extended to Oct
JOHANNESBURG (miningweekly.com) – Aim-listed African Consolidated Resources (AFCR) and Falcon Gold Zimbabwe (Falgold) have agreed to another extension for the payment of an outstanding $7.5-million for AFCR’s acquisition of the Dalny mine and associated infrastructure in Zimbabwe.
AFCR now had until October 31 to pay the outstanding amount.
The Aim-listed company announced in June that it would buy the mine from Falgold, which is a subsidiary of New Dawn Mining, for $8.5-million. An initial payment of $1-million had been made, but the payment date for the balance had been extended a number of times.
As a result of the payment date being extended again, AFCR had now agreed to contribute to Falgold’s care-and-maintenance costs at Dalny.
This would occur on a stepped basis, with AFCR to contribute between $250 000 and $1-million to the care-and-maintenance costs, depending on how soon it paid the $7.5-million purchase price.
AFCR reiterated that it remained in discussions regarding financing.
In June, the company indicated that it would raise about $18-million through a mixture of debt and equity to fund the transaction, to bring its Pickstone-Peerless gold project, in Zimbabwe, into production, and to support general corporate purposes.
AFCR added that, in order for the company to continue operating as a going concern, it would require further funding in the third quarter of this year.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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