Aureus granted more time to repay New Liberty debt
JOHANNESBURG (miningweekly.com) – TSX- and Aim-listed Aureus Mining has received approval from its lenders to further defer the first $3.1-million debt repayment due under a senior facility to April 29.
The payment was initially due on January 31, but was deferred to April 4.
Aureus, in 2013, entered into an $88-million project finance loan facility with the lenders – Rand Merchant Bank (RMB), Nedbank and the Export Credit Insurance Corporation of South Africa – as well as a subordinated $12-million loan facility with RMB, which was followed by a 2015 Tranche B senior facility of $10-million, to finance the development of its New Liberty project, in Liberia.
The gold miner was in discussions with the lenders on a mutually agreed debt repayment schedule.
This would be based on an updated mine plan for the New Liberty project.
Aureus had appointed consultants SRK Consulting to finalise a number of revised mine plan scenarios for New Liberty to deliver optimum value from the project at varying gold price levels.
“Work completed to date includes the development of an updated orebody model for the project, using the additional information provided by the grade control drilling that was completed in 2015.
“This updated model has been used to undertake a pit optimisation exercise to develop the most economic ultimate pit-shell, pit phasing and ramp designs for the project. Work continues to progress on developing an optimal mining schedule for the mining of this pit,” the miner said on Tuesday.
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