Toronto-listed G Mining Ventures (GMIN) has successfully drawn the remaining $33-million on its $75-million senior secured term loan with an affiliate of Franco-Nevada, in accordance with an announcement in July 2022.
The proceeds of the term loan will be used to continue the development and construction of GMIN's 100%-owned Tocantinzinho gold project currently under construction in Brazil.
The project remains on track and on budget for commercial production in the second half of 2024.
In connection with the draw on the term loan, GMIN provided evidence to Franco-Nevada that it had sufficient funding to fully satisfy the remaining project costs required to achieve commercial production and project completion, as was the case for the first draw of about $42-million in January.
TZ is a 200 000 oz/y gold mine.
"As our supportive financial partner, Franco-Nevada, is satisfied that we have met the conditions to access this funding, I hope this gives comfort to our shareholders that TZ construction is nearing the finish line, and remains on track and on budget for commercial production in H2-2024,” said GMIN president and CEO Louis-Pierre Gignac.