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Headroom for Chaarat as it upsizes loan

11th September 2019

By: Creamer Media Reporter

     

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Gold mining company Chaarat Gold received $9.5-million in cash on Wednesday from upsizing its loan by $7-million and drawing down $2.5-million from an existing working capital facility.

The company also extended the maturity date for the loan, which had been increased to $17-million, into 2020.

“This additional headroom allows the company to continue to proactively manage our balance sheet while we focus on the funding of Tulkubash which is progressing well with good interest from multiple parties,” said CEO Artem Volynets.

Chaarat previously secured a $31.5-million investment from Turkish mining and mine construction contractor Çiftay and is seeking the balance of the $110-million capital expenditure requirement for Tulkubash, in Kyrgyzstan, from project finance providers.

The company is aiming to finalise the project financing by the end of 2019 or early 2020.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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