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Altyn seeks to raise US$15M to ramp up gold production in Kazakhstan

Altyn Plc seeks to raise US$15 million via the issuance of five-year, nonconvertible bonds as part of its plans to ramp up gold production in Kazakhstan, where it operates the Sekisovskoye and Karasuyskoye properties.

The company's MC Baurgold LLP unit secured an underwriting deal with JSC Freedom Finance for the offering, according to a Feb. 26 release. The bonds have a coupon rate of 8%, payable semiannually in arrears, and are secured by Altyn's assets.

Proceeds from the bond issuance will be used to fund the purchase of underground equipment in line with the company's output plans.

Altyn previously noted that it was in the final stages of funding talks for the expansion and development of its Sekisovskoye mine, which would allow it to move output to planned levels of 60,000 tonnes, increasing to 80,000 tonnes per month thereafter. The mine produced 16,717 ounces of gold in 2017, up 52.4% on a yearly basis.