$110m debt faciltiy secured for Abra
PERTH (miningweekly.com) – A $110-million debt facility has been secured from Taurus Funds Management, ASX-listed Galena Mining said on Wednesday.
The funding being provided to joint venture (JV) vehicle Abra Mining would consist of a $100-million term loan and a $10-million cost overrun loan.
Abra Mining JV partner Toho Zinc has approved the debt funding facilities, allowing for the release of their final A$60-million equity investment tranche into the JV vehicle, once the facilities are in place and the drawdown conditions have been met.
“The $110-million of debt funding, together with the final A$60-million investment to be received from Toho on implementation of the facilities provide an efficient and fulsome funding package to bring the outstanding Abra base and precious metals project to fruition in a way that provides robust shareholder returns,” said Galena MD Alex Molyneux.
The Taurus debt facilities will have a fixed interest of 8% a year and will have a 69-month term loan. Early repayment of the debt would be allowed without penalty.
To date, some A$20-million has been spent on project development at Abra.
The 1.2-million-tonne-a-year Abra project would require a capital spend of some A$170-million to develop, and will produce 95 000 t/y of lead and 805 000 oz of silver over a 16-year mine life.
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