Mining Minutes
Alacer: On Track To Meet Lower End Of Guidance
Alacer Gold Corp. (TSX: ASR; ASX: AQG) reports third-quarter gold production of 26,160 ounces from the Çöpler Gold Mine in Turkey. “The company expects to meet the lower end of the full-year consolidated production guidance of 160,000 to 230,000 ounces,” Alacer says. Alacer is 80% owner of the Çöpler Gold Mine.
By Allen Sykora of Kitco News; asykora@kitco.com
Coeur Mining Completes Acquisition of Northern Empire Resources
Thursday October 4, 2018 08:30
Coeur Mining, Inc. (NYSE: CDE) says it has completed the acquisition of Northern Empire Resources Corp. (TSXV: NM). The deal, announced in August, valued Northern Empire at $90 million. “The acquisition of Northern Empire represents a unique opportunity for Coeur to bolster its development pipeline with high-quality growth projects and is strongly aligned with our strategy to deliver low-cost production and growth in top jurisdictions,” said Mitchell J. Krebs, Coeur’s president and chief executive officer. Northern Empire’s principal asset is the Sterling gold project In Nevada. This is a past-producing mine with all major permits in hand. Coeur already has the Rochester Mine in Nevada. “Restarting the Sterling open-pit mine will allow us to add near-term, high-margin production and cash flow with minimal expected upfront capital, while the significant exploration potential at the Crown Block offers the opportunity for a second, larger future operation that can create significant, long-term stockholder value,” Krebs says.
By Allen Sykora of Kitco News; asykora@kitco.com
Pretium Resources Gets Commitment For New $480 Million Debt Facility
Thursday October 4, 2018 08:30
Pretium Resources Inc. (TSX, NYSE: PVG), which has achieved steady-state production at the still-new Brucejack Mine in British Columbia, reports signing a commitment letter for a $480 million debt facility with The Bank of Nova Scotia, Societe Generale and ING Capital LLC. This will be used to refinance the existing construction credit facility of approximately $423 million due on Dec. 31 for construction of Brucejack, the company says. However, funds will also be available for general corporate purposes including, if necessary, the repurchase of 100% of the existing 8% precious-metals stream. The loan facility will mature four years from the closing date, which is expected this quarter.
