Teranga Announces Drawdown For Construction Of Second Mine
Teranga GoldCorp. (TSX: TGZ) announces the first drawdown, under the secured developmentfinance facility with Taurus Funds Management Pty Ltd., for construction of itssecond mine - the Wahgnion gold project. The facility totals $165 million, andthe first drawdown was for $70 million, $15 million of which was used to closeout a revolving credit facility with Soci?(C)t?(C) G?(C)n?(C)rale, Teranga says. Thefacility also includes $25 million for a feasibility study for the Golden Hillproject. At Wahgnion, long-lead equipment and key contracts have been awardedand bulk earthworks have begun, with concrete installation for the millfoundation on schedule to begin in May, Teranga says. “The next key pillar inour growth strategy is Wahgnion,” says Richard Young, president and chiefexecutive officer. “With first drawdown, we are now well on our way tobuilding our second mine, with first gold pour expected by the end of 2019. Wahgnion is expected to increase companywide production by 50% in 2020 tobetween 300,000 and 350,000 ounces of gold.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Brett A.Richards Becomes CEO Of Banro Corp.
Tuesday May 8, 2018 08:42
Brett A.Richards has been named chairman and chief executive officer of Banro Corp.(TSX, NYSE: BAA), effective immediately, the company says. Richards is a seniormining and metals executive with 32 years of experience in mine development,senior-level operations, mine financing, and mergers and acquisitions. He hasboth private and publicly listed CEO experience, as well global operational experience,with a geographic focus in Africa in the past 15 years, Banro says. The new CEOhas worked for private-equity clients for the past six years, leadinggreenfield/brownfield start-ups, operational and financial turnarounds and exitstrategies. Banro is a Canadian gold-mining company focused on production fromits two operating mines in the Democratic Republic of the Congo: the Twangizamine and the Namoya mine. The company also has advanced exploration projects.
By Allen Sykoraof Kitco News; asykora@kitco.com
Hecla Reports Continued Discoveries During 1Q
Tuesday May 8, 2018 08:42
Hecla Mining Co. (NYSE: HL) reports continued discoveries at theCasa Berardi, San Sebastian and Greens Creek mines during the first quarter. Amongthe highlights, Hecla says resources at Casa Berardi have expanded, which wouldcould increase the potential size of the current East Mine Crown Pillar pit andthe proposed 106, Principal and West Mine Surface Pillar open pits. “At CasaBerardi, discoveries near surface and at depth continue to reinforce ourpositive opinion of the long-term potential of the mine, and interesting drillresults at the Lac Germain satellite occurrence reinforce that view,” saysPhillips S. Baker, Jr., president and chief executive officer. “We continue toexpand both the polymetallic and oxide mineralization zones at San Sebastian,which is important for the future of that project. Finally, drilling at GreensCreek continues to discover high-grade mineralization that could enhance thealready exceptional mine economics and mine life. In the second quarter, weplan to initiate drilling programs at Kinskuch in northern British Columbia,Little Baldy in Idaho and on surface at Greens Creek.”
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.