KIS secures more funding for Dolphin restart
PERTH (miningweekly.com) – ASX-listed King Island Scheelite (KIS) has secured an additional A$33-million in debt funding for the redevelopment of its Dolphin tungsten project, in Tasmania.
KIS on Monday told shareholders that the debt funding, secured from a group of lenders comprising major shareholders and an external party, was in addition to the A$10-million Tasmanian government loan secured earlier this year, which the company is in the process of renegotiating to accommodate the further debt funding.
The debt facilities are repayable between three and six years after drawdown, and will have annual interest rates of between 6.5% and 8.25%, and would be subject to shareholder approval at an annual general meeting planned for October.
“We have been very encouraged by the support we have achieved in forming the lending group and thank our exiting and incoming investors for the confidence they have shown,” said KIS executive chairperson Johann Jacobs.
“This important step brings us much closer to achieving financial close on the Dolphin project, which hosts one of the few high quality tungsten deposits remaining in the Western world. The company remains confident in targeting financial close for this project in the next two months.”
An updated feasibility study has estimated a startup capital cost of A$72.1-million would be required to develop the Dolphin project, with life-of-mine capital estimated at A$129.2-million, placing capital cost for the operation at A$40/t of tungsten produced. The project will produce 20 t/y of tungsten over an eight-year mine life.
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