AMSJ » Qld mine reopening secures funding
LATEST NEWS PROCUREMENT NEWS Queensland SUPPLY CHAIN NEWS

Qld mine reopening secures funding

True North
True North

A sustainable resources company is one step closer to restarting production at a North Queensland operation.

About $15 million was recently secured to reopen the Great Australia mine in Cloncurry, 785km west of Townsville.

The amount comprises of $10.7M in cash and approximately $4.3M in converted debt. Potential stakeholders include Tembo Capital Holdings UK ($6.5M) and other major investor groups based both domestically and abroad.

Money will be used to:

  • restart the mine
  • exploration and mine life extension drilling
  • survey works at the Vero Resource targeting resource growth
  • converting a short-term loan from Tembo plus accrued interest to equity
  • partly repaying a short-term working capital facility with Dyda Property Management
  • general working capital and other placement costs.

Proponent True North Copper also signed a term sheet for up to a further US$28M (A$42.6M) facility with an undisclosed mine finance group to provide to keep growing the business.

“We expect completion of the mining study for the Great Australia mine and financial investment decision by early December 2023,” managing director Marty Costello said in a public statement.

Add Comment

Click here to post a comment