Empire Resources Ltd (ASX:ERL) is currently focused on minerals exploration and development in Western Australia.
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Empire Resources secures funding through to gold production
Empire Resources (ASX:ERL) has signed a binding term sheet to fund mining costs needed to bring the Penny's Find gold mine located near Kalgoorlie, Western Australia into full production.
The term sheet with Blue Capital Services Pty Ltd specifies Blue Capital will fund mining and related costs to a maximum of A$7.5 million until the mining operations are cash flow positive.
These funds will also assist with project on site infrastructure establishment costs as mining activities start later this month at the open pit.
David Sargeant, managing director, commented: "All agreements for mining, haulage and treatment of Penny's Find gold ore are now satisfactorily in place, allowing the project to make the immediate transition to mining.
"A recently re-designed pit and new mining schedule will also allow Empire to mine at a faster rate than previously anticipated, with considerable cost savings."
Other Empire Resources Ltd news
- Empire Resources Ltd eyeing longer mine life at Penny’s Find gold deposit
- Empire Resources Ltd on track at Penny’s Find gold mine
- Empire Resources Ltd hits high-grade gold at Penny’s Find ahead of mining
- Empire Resources Ltd pockets cash ahead of transition to gold producer
- Empire Resources Ltd completes major milestone ahead of open pit gold mining