Perseus enlarges debt as it readies for FID
PERTH (miningweekly.com) – Gold miner Perseus Mining has refinanced an existing $150-million syndicated debt facility to a $300-million revolving corporate facility, providing the company with more than $705-million of available liquidity with a three-year tenure to March 2026.
“Perseus is very pleased to continue to receive the strong support of a very high-quality group of international lenders at a time of significant uncertainty in global financial markets,” said Perseus MD and CEO Jeff Quartermaine.
“This support is regarded as a major endorsement of the underlying quality of our assets and future cash flows. In recent years, Perseus has successfully transformed its business to become a midtier, multi-mine, multi-jurisdictional producer of more than 500 000 oz/y of gold. With the increased liquidity provided by our upsized debt facility, we are able to continue to strongly pursue our ongoing growth strategy that involves a balanced combination of organic and inorganic growth activities.
“In this regard, Perseus expects a final investment decision later this year in relation to the fully funded development of our Meyas Sand gold project in Northern Sudan," Quartermaine said.
The Meyas Sand gold project is fully permitted by the Sudanese government with a mining lease, royalty agreement and a water permit formally granted. The project has the capacity to produce 20 000 oz/y of gold over a mine life of 13 years.
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