Artemis closes C$385m project loan for Blackwater
Vancouver-based Artemis Gold has closed its previously announced $385-million project loan facility (PLF) to fund a significant component of the construction costs of the Blackwater gold project, in central British Columbia.
The PLF, with the National Bank of Canada, Macquarie Bank, ING, Société Générale and Bank of Montreal, also provides for a $40-million standby cost overrun facility.
The terms of the project loan facility are substantially consistent with those announced in February.
“Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater. The calibre of the syndicate banks who have joined the leads National Bank and Macquarie is further testimony to the financial strength of the project,” said Artemis chairperson and CEO Steven Dean.
Blackwater is a project with eight-million ounces of gold in reserves, environmental assessment approval and the potential to develop into one of the biggest gold mines in Canada. The Blackwater project is forecast to be a first-quartile gold mine with a 22-year mine life.
The Phase 3 expansion to 20-million tonnes a year is achieved in year 11. In the first 10 years of operations, Blackwater will produce 351 000 oz/y of gold.
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