Blackham restructures Matilda deal
PERTH (miningweekly.com) – Junior Blackham Resources has advanced the funding for its Matilda gold mine, in Western Australia, announcing on Tuesday that the company had completed all conditions precedent for an initial A$6-million draw-down.
Blackham in May this year secured a A$38.5-million funding package from Orion Mine Finance, which consisted of a A$2.5-million private equity placement, a A$6-million non-amortising loan facility and a A$30-million project finance loan.
The company had already received the A$2.5-million in placement funds and also completed all the necessary conditions precedent for the A$6-million initial loan. The A$6-million funding was expected within five business days.
Meanwhile, the two companies have agreed to a restructuring of the funding package, which would see Orion’s interest in Blackham increase from the initially agreed-upon 12.5% to 19.3%, subject to shareholder and regulatory approval.
Blackham in May also entered into a gold offtake agreement with Orion, which would see the financier claim 50% of gold produced from Matilda, until the company delivered a total of 250 000 oz.
Under the new restructured agreement, Orion would receive an additional initial offtake of 5%, allowing the company up to 55% gold offtake for the first 500 000 oz production from Matilda, on the provision of the A$30-million project facility.
The Matilda project has a resource of 4.7-million ounces, and was scheduled to start production by the second quarter of next year.
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