JOHANNESBURG (miningweekly.com) – ASX-listed junior Ark Mines plans to start mining at its Mt Porter gold mine, near Pine Creek in the Northern Territory, as soon as its mining management plan is approved, MD Roger Jackson said on Friday, as the company announced that it had secured funding for the project.
Hong Kong registered Chan Investments has agreed to a $6-million loan for the project, which is expected to produce between 23 000 oz and 26 000 oz of gold.
Jackson said the funding for Mt Porter was secured on “reasonable and flexible commercial terms” that would not dilute its shareholders.
To start mining, Ark Mines will draw down $2.6-million as soon as the mine management plan is approved. The drawdown should be sufficient to complete the project.
Ark Mines lodged its final mine management plan on June 1, with the Department of Mines and Energy in the Northern Territory. The revised plan strengthens the environmental and financial element of the project.
Ark Mines reported last month that it was hoping to start gold production in August.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
