23rd Sep 2013 11:59
LONDON (Alliance News) - Aureus Mining Inc. Monday said the Export Credit Insurance Corporation of South Africa SOC Limited has approved export credit support for the company's debt finance facility in the Republic of Liberia.
The gold-mining company, with operations in Liberia and Cameroon, said the credit committee and board of directors at the ECIC approved the USD88 million project debt finance facility to fund the development of its New Liberty Gold Project, with the finance facility being provided by Nedbank Ltd and Rand Merchant Bank.
The backing of ECIC completes all the approvals required for the company to go ahead with the facility.
The finance facility documentation is expected to be completed in the fourth quarter of 2013, with the company expecting to first draw-down funds in the first half of 2014.
"We look forward to working with the ECIC, Nedbank and RMB during our transformation from a developer to becoming a fast growth gold producer in what is an exciting new gold district in West Africa," Chief Executive, David Reading, said in a statement.
Aureus Mining shares were up 3.15% to 37.65 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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