Doray prepares for funding drawdown
PERTH (miningweekly.com) – Gold miner Doray Minerals has completed debt funding documentation to finance the construction of its Deflector project, in Western Australia, allowing for first drawdown.
Doray earlier this year secured financing comprising new corporate finance facilities worth some A$90-million, a A$13.8-million equity placement and a A$12.9-million fully underwritten nonrenounceable entitlement offer.
A A$25-million outstanding amount from Doray’s existing finance facility over the producing Andy Well mine would be rolled into the new facilities with Westpac, and would be joined by a A$60-million debt fund and a A$5-million contingency facility.
Doray said on Tuesday that, with the completion of the documentation with Westpac, first drawdown of the facility could now take place.
The completion of the new facility also allowed for the release of the A$5-million in funds previously held in the debt service reserve account, with no further debt repayments scheduled until September 2016, coinciding with the first quarter of production from Deflector.
The Deflector openpit was expected to deliver 61 972 oz of gold and the underground mine 348 592 oz of gold over a mine life of about six years.
Construction of the Deflector project was progressing on schedule and Doray had awarded a A$51-million engineering, procurement and construction contract to project house GR Engineering Services.
GR Engineering’s scope of work included the design, construction and commissioning of a 480 000 t/y gold and copper processing plant and associated infrastructure.
The project was scheduled to achieve practical completion in the second half of the 2016 financial year.
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