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The contractor expects its capital commitment to be ‘very low’ at
about USD10-million as it is able to secure an agreed early release from
Middlemount.
“The Middlemount contract is not formally due for completion until the end
of the 2020 financial year, however, we will be able to release certain fleet
prior to that date and some fleet will also likely remain on site beyond the
formal contract end date,” says Jules Pemberton, CEO at NRW.
Stanmore Coal has also set up an equipment loan facility with Caterpillar
Financial Australia to supply a Cat 6060 excavator, expected to be
commissioned later in the year for Golding to operate and maintain. This
additional fleet will enable Stanmore Coal to operate the existing site
infrastructure at capacity which is matched to the port contracts.
Once Stanmore receives environmental approvals for the Isaac Downs
project, the excavator will be transferred to allow accelerated ramp up of the
project. The Isaac Plains underground project will be deferred until mining at
the Isaac Downs project is largely complete, or until additional port and coal
handling processing plant capacity are secured.
NICARAGUA: B2GOLD RESTRUCTURES
Canadian company B2Gold has restructured its interest in Nicaragua. The agreement means that
another Canadian company, Calibre Mining, will acquire the majority of shares in the producing El
Limon and La Libertad gold mines (the Nicaragua Mines), the Pavon gold project, and additional
mineral concessions in Nicaragua held by B2Gold. Calibre will pay USD100-million
with a combination of cash, common shares and a convertible debenture.
After completing the transaction, B2Gold will own about 31% direct
equity interest in Calibre. In addition, B2Gold will retain the
right to appoint one director to the board of Calibre, and
will participate as an advisory board to the main board
of Calibre.
The El Limon and La Libertad Mines have produced
more than 1.4 million ounces of gold since 2010. Their
combined 2019 gold production is projected to be
between 150 000 and 160 000 ounces.
www. africanmining.co.za
African Mining Publication
African Mining
African Mining September 2019
17