Romarco closes US$200 million project finance, requests initial borrowing of US$10 million and provides construction update
01.06.2015 | CNW
TORONTO, June 1, 2015 /CNW Telbec/ - Romarco Minerals Inc. (TSX: R) (the "Company") is pleased to announce the closing of the previously announced $200 million senior secured project finance facility (the "Debt Facility") with no mandatory gold hedging. The Debt Facility is with Caterpillar Financial Services Corporation, ING Capital LLC, Macquarie Bank Limited, and Société Générale Corporate & Investment Banking and will be used for the development of the Haile Gold Mine project ("Haile") in South Carolina. Haile Gold Mine Inc. requested the initial $10 million borrowing under the Debt Facility for receipt on June 5, 2015.
The terms of the Debt Facility are substantially the same as previously disclosed in the News Releases dated April 2, 2015 and April 10, 2015, and will be filed on SEDAR in the near future.
Construction at Haile commenced in May 2015 and first gold pour is anticipated during the fourth quarter of 2016. There are currently six contractors and subcontractors on site.
Below is a summary of the work to date:
- The initial mining fleet has been delivered and pre-stripping has begun at the Mill Zone area of South Pit
- Timbering has been completed for the plant site, Mill Zone area of South Pit, Temporary Maintenance Facility and a Growth Media Storage Area
- Hiring of employees and contractors is on schedule and is projected to be approximately 164 at the end of June. By year end 2015, total staffing will be approximately 350.
The following is a summary of work currently underway:
- Timbering, clearing and grubbing is in progress at the Tailings Storage Facility ("TSF"), mine area haul roads, the 69 kV power line and the TSF Growth Media Storage Area
- Site grading is in progress for the Temporary Maintenance Facility
- Stormwater control measures are in progress for Mill Zone and Temporary Maintenance Facilities
- Land clearing and stormwater control measures are being installed for the plant area in preparation of installation of the underground utilities and construction of the water treatment plant
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility Study, received all major permits and secured financing for its flagship project, the Haile Gold Mine in South Carolina. The Company's current construction schedule contemplates first production during the fourth quarter of 2016.
All dollar amounts are in US dollars unless otherwise stated.
Contact
Romarco Minerals Inc.:
Dan Symons, Vice President, Business Development & Investor Relations
Phone: 416-367-5500
E-mail: dsymons@romarco.com