Gascoyne halves its debt
PERTH (miningweekly.com) – Gold miner Gascoyne Resources on Wednesday flagged a A$10-million debt pre-payment to major shareholder Deutsche Balaton AG, halving its current debt, on the back of a stellar performance from its Western Australian asset.
The ASX-listed company said that the early debt reduction, which had reduced its convertible note debt from A$20-million to A$10-million, would save A$3.1-million in interest payments over the next 21 months.
“It is very pleasing that we are able to retire half of the convertible note through this A$10-million prepayment to Deutsche Balaton AG. Dalgaranga’s strong production performance for the quarter-to-date, combined with an unhedged gold position, has greatly improved our cash-generating ability allowing us to make this payment,” said MD and CEO Simon Lawson.
“We have been able to back up the 7 900 oz produced in January with another outstanding month in February with 6 867 oz produced despite experiencing five days of downtime for a scheduled mill re-line and maintenance. This bodes well for the March quarter and puts us on track to deliver more than 21 000 oz this quarter, an improvement of more than 25% on the December 2021 quarter.
“The improved levels of cash generation set us up well for the rest of the 2022 calendar year as we continue to increase mine life at Dalgaranga through extensions at Plymouth and further delineation of the recent Gilbey’s North discovery, combined with the near-term development of deposits such as Archie Rose,” said Lawson.
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