Beadell raises A$51m for Tucano
PERTH (miningweekly.com) – Gold miner Beadell Resources will raise some A$51-million to fund work at its Tucano gold project, in Brazil.
Beadell on Tuesday said some A$46-million will be raised through the placement of 159-million shares to institutional and sophisticated investors, priced at 29c a share.
The share placement will be conducted under the company’s placement capacity and will not require shareholder approval.
A further A$5-million will be raised through a share purchase plan, under which current shareholders will be allowed to subscribe for up to A$15 000 of new shares, also priced at 29c a share.
“We are delighted with the strong support received from leading domestic and international institutional investors and, in particular, we are pleased with the backing of a major UK institutional shareholder as cornerstone investor to the placement,” said Beadell CEO and MD Simon Jackson.
“The support of our major shareholders allows us to continue exploration and mill upgrades that are vital to maximising the returns our shareholders will enjoy from the Tucano mine.
“With a strong balance sheet, a virtually unexplored greenstone belt and a pathway to a fully optimised project with a long life and significant production profile, the outlook for Beadell is exciting.”
The funds raised will be used to order long-lead items associated with the design and construction of plant upgrades, including a ball mill, as well as to fund exploration to add quality ounces into the mine plan.
Beadell is eyeing a possible underground development at the Tucano mine after an earlier prefeasibility study revealed that the project could recover some 310 000 oz of gold over a mine life of seven to eight years.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
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
