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Pantoro to raise A$15M for Western Australia gold projects

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020


Pantoro to raise A$15M for Western Australia gold projects

Pantoro Ltd. said Sept. 6 that it plans to raise A$15 million to advance work at its Western Australia gold mines and for general working capital.

The ASX-listed miner received A$13 million in firm commitments for a placement at 20 Australian cents per share to institutional and sophisticated investors. It also targets A$2 million under a share purchase plan to existing shareholders, with an option to accept oversubscriptions of up to A$1 million.

Pantoro will use the proceeds from the placement to accelerate development activities at the Wagtail underground mine of the Halls Creek property, for exploration activities at the Grants Creek project and for continuing exploration at the Mary River and Nicolsons projects.

Output at Pantoro's Nicolsons underground mine, also part of the larger Halls Creek gold project in Western Australia, was hit by the adoption of a new stoping method that took longer than anticipated, resulting in lower-than-expected gold production in the current quarter.