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Teranga Announces Drawdown For Construction Of Second Mine

Kitco News

Teranga Gold Corp. (TSX: TGZ) announces the first drawdown, under the secured development finance facility with Taurus Funds Management Pty Ltd., for construction of its second mine – the Wahgnion gold project. The facility totals $165 million, and the first drawdown was for $70 million, $15 million of which was used to close out a revolving credit facility with Société Générale, Teranga says. The facility also includes $25 million for a feasibility study for the Golden Hill project. At Wahgnion, long-lead equipment and key contracts have been awarded and bulk earthworks have begun, with concrete installation for the mill foundation on schedule to begin in May, Teranga says. “The next key pillar in our growth strategy is Wahgnion,” says Richard Young, president and chief executive officer. “With first drawdown, we are now well on our way to building our second mine, with first gold pour expected by the end of 2019.  Wahgnion is expected to increase companywide production by 50% in 2020 to between 300,000 and 350,000 ounces of gold.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Brett A. Richards Becomes CEO Of Banro Corp.

Tuesday May 8, 2018 08:42

Brett A. Richards has been named chairman and chief executive officer of Banro Corp. (TSX, NYSE: BAA), effective immediately, the company says. Richards is a senior mining and metals executive with 32 years of experience in mine development, senior-level operations, mine financing, and mergers and acquisitions. He has both private and publicly listed CEO experience, as well global operational experience, with a geographic focus in Africa in the past 15 years, Banro says. The new CEO has worked for private-equity clients for the past six years, leading greenfield/brownfield start-ups, operational and financial turnarounds and exit strategies. Banro is a Canadian gold-mining company focused on production from its two operating mines in the Democratic Republic of the Congo: the Twangiza mine and the Namoya mine. The company also has advanced exploration projects.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Hecla Reports Continued Discoveries During 1Q

Tuesday May 8, 2018 08:42

Hecla Mining Co. (NYSE: HL) reports continued discoveries at the Casa Berardi, San Sebastian and Greens Creek mines during the first quarter. Among the highlights, Hecla says resources at Casa Berardi have expanded, which would could increase the potential size of the current East Mine Crown Pillar pit and the proposed 106, Principal and West Mine Surface Pillar open pits. “At Casa Berardi, discoveries near surface and at depth continue to reinforce our positive opinion of the long-term potential of the mine, and interesting drill results at the Lac Germain satellite occurrence reinforce that view,” says Phillips S. Baker, Jr., president and chief executive officer. “We continue to expand both the polymetallic and oxide mineralization zones at San Sebastian, which is important for the future of that project. Finally, drilling at Greens Creek continues to discover high-grade mineralization that could enhance the already exceptional mine economics and mine life. In the second quarter, we plan to initiate drilling programs at Kinskuch in northern British Columbia, Little Baldy in Idaho and on surface at Greens Creek.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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