Challenger Gold Limited announced that it has drawn down an initial US$2M from a Project Finance Facility for Toll Milling of US$20M. The facility was arranged by Middlegate Securities Inc. and ECM Capital Advisors Inc.
By Panorama Minero
The initial US$2M (~AUD $3.2M) Tranche 1 proceeds will be used for early works associated with preparation for mining to support Toll Milling, general corporate overheads and working capital.
Hualilán project is located in San Juan province, and it’s mineral will be processed at Austral Gold’s Casposo Plant, and will be operated by Casposo´s local branch in Argentina (named Casposo Argentina Ltd. Sucursal Argentina).
The agreement between Challenger Gold and Austral Gold guaranteed toll treatment of 150,000 tons available to Challenger per year, with a guaranteed toll treatment capacity available to Challenger of 450,000 tons over a three year period.
