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Mangazeya acquires US$118.5M credit facility for Nasedkino gold project

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Mangazeya acquires US$118.5M credit facility for Nasedkino gold project

Mangazeya Mining Ltd. said July 27 that its Russian unit Dalsvetmet LLC signed a senior secured term loan facility of up to US$118.5 million with VTB Bank to fund the remaining CapEx of the Nasedkino gold project.

The loan has a tenor of seven years, with repayment starting in March 2020. A revised resource and ore reserve estimate released in August 2017 estimated the project's total capital costs at US$99 million.

Nasedkino, Mangazeya's main asset, hosts probable reserves of 9.1 million tonnes grading 2.17 g/t of gold, representing 634,000 gold ounces. It has a plant capacity of 1 million tonnes per annum, with production expected to commence in 2019.