Kingsrose raises funds to ramp up production
PERTH (miningweekly.com) – Emerging gold miner Kingsrose Mining was aiming to ramp-up production at its Talang Santo project, in Indonesia, following a A$15.3-million capital raising.
The placement, completed at 35c a share, meant that Kingsrose was now fully funded to undertake the development and production ramp-up at Talang Santo. The company would now issue more than 43.7-million shares under its 15% placement capacity.
Ore stockpiles at the project were being accumulated and Kingsrose was hoping to be in production by October this year, ramping-up to a rate of 35 000 oz/y by the start of 2014 and to 50 000 oz/y by the end of 2014.
Interim MD Tim Spencer said on Monday that the capital raising ensured that the company could reach its production and cash flow targets quickly, while also undertaking a drilling programme to grow the resource inventory.
“Like the Way Linggo mine, Talang Santo stands to enjoy some of the lowest-cost and most robust margins in the gold mining industry,” said Spencer.
“With such a strong outlook, we wanted to ensure that the company had funding certainty and the shortest possible timeline to production and cash flow.”
The Talang Santo operation is the second underground mine at the Way Linggo gold project, is some 17 km from project infrastructure, and has a resource of some 287 489 oz of gold and 894 951 oz of silver.
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