Mineral Hill Mine

Mineral Hill Gold Copper Project - Financing

Borrower (s)
Mineral Hill Mine
Industry
Metals and Mining/Minor & precious metals
Area of finance
Project & Infrastructure Finance
Region
Australasia
Countries
Australia

Deal Overview

ASX-listed Kingston Resources has secured a A$10 million ($6.8 million) debt facility with PURE Asset Management to fund growth initiatives at the Mineral Hill gold/copper project, in New South Wales.The funding will be provided in two tranches, including an immediate A$5 million, followed by a...

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ASX-listed Kingston Resources has secured a A$10 million ($6.8 million) debt facility with PURE Asset Management to fund growth initiatives at the Mineral Hill gold/copper project, in New South Wales.

The funding will be provided in two tranches, including an immediate A$5 million, followed by a second A$5 million by the end of November, subject to progress milestones being met. The package will have a 48-month term for each tranche, and an interest rate of 9.9%, along with a 3% establishment fee. 

Kingston told shareholders on Thursday that the funding would enable work plans to be carried out in the short term to deliver a five-year-plus mine life at Mineral Hill. These work plans include engineering studies for the refurbishment of the front end of the processing plant, near term resource and reserve updates, mining studies and technical programmes for the Pearse openpit, and underground refurbishment working and mining studies at SOZ, as well as for working capital.

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Deal Volume
$6.8m
Financial Close
07 July 2022
Sources

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Tranches


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Projects

Mineral Hill Gold Copper Project

Brownfield
Minor & precious metals
Australasia
Australia
$6.8m