Leagold Mining Closes $400 Million Financing For Los Filos, Santa Luz
Leagold's Los Filos mine complex in Mexico and Santa Luz open-pit mine in Brazil have financing consisting of a $200 million term loan and a $200 million revolving credit facility, the company announced yesterday.
The three joint lead arrangers of the financing were Societe Generale, Investec Bank plc, and ING Capital LLC. The three replace Orion Mine Finance that is no longer a lender.
The company said the loans replace $238 million of existing short-term debt. The funds will be used for the phased expansion of the Los Filos mine complex and the construction of the Santa Luz project.
Leagold plans to commence construction of the Santa Luz project in Q1 2021. Capital cost to complete and re-start the mine of $82 million, including $12.3 million of working capital.
The development plan for Los Filos is estimated at $213 million.