https://www.engineeringnews.co.za

Gryphon secures funding agreement for Banfora

Gryphon secures funding agreement for Banfora

Photo by Bloomberg

4th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Junior gold developer Gryphon Minerals has secured a $60-million loan facility and hedging and cost over-run facilities from Macquarie Bank, to develop its Banfora gold project, in Burkina Faso.

Earlier this week, Gryphon became the first Australian company to be granted a mining permit in Burkina Faso, allowing the company to start the phased development of its 3.6-million-ounce project.

“The appointment of Macquarie to provide debt financing represents a significant step towards the development of the Banfora gold project. Gryphon has undertaken a rigorous and strongly contested tender process for the project finance facilities, and has negotiated some very competitive terms, which has resulted in the selection of Macquarie,” said Gryphon MD Steve Parsons.

He noted that with the A$43-million in cash and investments at the end of the March quarter, along with the proposed Macquarie senior loan facility, Gryphon was in a strong position to fund the development of Banfora, and to start its transition to gold producer.

The project loan facilities would be subject to a number of conditions, including the completion of the feasibility study, due diligence and final credit approval.

The feasibility study would be completed by mid-2014, while an exploration programme was also under way at Banfora, targeting shallow oxide gold mineralisation.

Edited by Creamer Media Reporter

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

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:0.112 0.169s - 156pq - 2rq
Subscribe Now