JOHANNESBURG (miningweekly.com) – Armenia-focused gold developer Lydian has received the first advance of $25-million under its term loan with Orion and Resource Capital Fund for ongoing construction of the company's Amulsar gold project, in Armenia.
"We are very pleased to receive this funding during the peak of our construction season. Our treasury remains strong, with more than $75-million total cash on hand," CEO Howard Stevenson said on Tuesday.
To accommodate an expected ramp-up period, the commercial production date set out in the term loan was extended by three months to September 30, 2018.
Lydian continues to expect first gold production by mid-2018.
Edited by: Samantha Herbst
Creamer Media Deputy Editor
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