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Finalisation of Yaouré Financing Plan With Approval of Corporate Debt Facility08.04.2019 | 0:40 Uhr | GlobeNewswire
PERTH, April 08, 2019 - Perseus Mining Ltd. (“Perseus” or the “Company”) (TSX & ASX: PRU) is pleased to report that it has accepted a Committed Letter of Offer from three leading international banks to provide a US$150 million corporate debt facility, which will be available to the Company for general corporate purposes, including providing funding for the development of its third gold mine, the Yaouré Gold Mine in Côte d’Ivoire. With debt funding commitments in place, which are subject to execution of formal documentation and customary conditions precedent for a facility of this nature, including the grant of an Exploitation Permit by the Ivorian government and final Board approval, Perseus plans to proceed with the development of Yaouré in accordance with its strategic plan of producing more than 500,000 ounces of gold per year at an all-in site cost of less than US$850 per ounce from 2022. YAOURÉ DEVELOPMENT FINANCING PLAN Corporate Debt Facility A Committed Letter of Offer and comprehensive Terms Sheet was executed by all parties on April 5, 2019. Preparation of definitive finance documentation is now in progress and will reflect the terms as outlined in the Committed Letter of Offer with the objective of the facility being available for first drawdown no later than June 30, 2019, subject to satisfaction of usual conditions precedent. The facility takes the form of a revolving line of credit with the borrowers being Perseus Mining Ltd., the parent entity of the Perseus group of companies and certain operating subsidiaries. Specific terms of the facility are typical of a corporate line of credit of this type. Interest payable on the loan will be LIBOR plus a margin that initially will be 4.25% and will vary in line with the Company’s Leverage Ratio. Perseus will continue to hedge the sale price of its gold production in line with its long stated and applied hedging policy of hedging no more than 30% of projected gold production in any given year. Existing Cash Reserves Future Cashflows After allowing for investment expenditure on sustaining capital for Edikan and Sissingué, discretionary exploration plus financing activities including the retirement of existing debts (US$44.5 million as at March 31, 2019) and the servicing of the new debt facility, the cashflow available for investing in the Yaouré development comfortably exceeds the contribution required to the development of Yaouré. This current funding plan does not account for any potential inflows of cash arising from the exercise of approximately 124 million Perseus warrants outstanding as at April 5, 2019 that mature on April 19, 2019. If fully exercised, additional cash of approximately US$40 million would be available for the Yaouré development which would further enhance the Company’s ability to fund a major proportion of the project development cost from cash rather than interest bearing debt. PERMITTING OF THE YAOURE GOLD MINE DEVELOPMENT OF THE YAOURÉ GOLD MINE On January 10, 2019, Perseus issued a Notice of Award for the Engineering and Supply Contracts for the Yaouré Gold Project to the highly accomplished Australian engineering company Lycopodium Limited. Perseus has collaborated successfully with Lycopodium in the past, most notably on the ahead-of-time, on-budget development of the Sissingué Gold Mine that was commissioned in early 2018. With the granting of the Yaouré EP, and Board approval to proceed with the development, the final conditions precedent to executing the contract with Lycopodium will have been satisfied and contract will be formally executed. Preliminary site works are scheduled to commence in mid to late April 2019 under the management of Perseus’s experienced in-house development team and funded from existing cash reserves. Full scale development of Yaouré and associated infrastructure is scheduled to start in late April 2019 and based on our plans, first gold is expected to be produced in December 2020.
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The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the EGM deposits was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 August 2018. The Company confirms that it is not aware of any new information or data that materially affect the information in that market release and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 15 December 2016 and includes an update for depletion as at 30 June 2018 as well as an adjustment of the model constrained to a US$1,800/oz pit shell which were reported in a market announcement on 29 August 2018. The information in this report that relates to Mineral Resources for Fimbiasso was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2017 and includes an adjustment of the model constrained to a US$1,800/oz pit shell which was reported in a market announcement on 29 August 2018. The information in this report that relates to Ore Reserves for Sissingué and Fimbiasso was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 31 March 2017 and includes an update for depletion as at 30 June 2018 which was reported in a market announcement on 29 August 2018. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. Caution Regarding Forward Looking Information: Dieser Artikel stammt von Rohstoff-Welt.de
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