Business
Blyvoor Gold Tailings Project Funding Update
Blyvoor Gold Tailings Project Funding Update.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5909A\n Katoro Gold PLC\n 30 September 2020\n \n \n \n \n Katoro Gold plc (Incorporated in England and Wales)\n \n \n (\n Registration Number: 9306219)\n \n \n Share code on AIM: KAT\n \n \n ISIN: GB00BSNBL022\n \n \n \n \n \n \n \n \n 30 September 2020\n \n \n \n \n \n Katoro Gold plc ('Katoro' or the 'Company')\n \n \n \n \n \n BLYVOOR GOLD TAILINGS PROJECT: PROJECT FUNDING UPDATE\n \n \n \n \n \n Katoro Gold plc (AIM: KAT), the AIM listed\n \n gold and nickel exploration and development company, is pleased to announce an update with regard to the Company's Blyvoor Joint Venture (the 'JV') in respect of the Blyvoor gold tailings project (the 'Project').\n \n \n On 21 July 2020 the Company announced that it has agreed a strategy and associated deadlines for securing Project financing for the Blyvoor gold tailings project with its JV Partner, and that in terms of this agreement Katoro will look to complete the Project Financing for the Project on or before 30 September 2020. During August and September, the Company made significant progress towards securing the necessary funding, sufficient to fund the construction and commissioning of a Beneficiation Plant and auxiliary operations. Working with the significant number of parties that showed interest in providing funding for the Project, the Company has developed a preferred funding strategy for the Project that involves the utilisation of different funding instruments. This strategy allowed the Company to identify and engage with a select number of preferred funding providers with whom it is currently developing a final funding arrangement for the Project. All these parties have provided formal / firm expressions of interest, with certain milestones having now been agreed to guide a predetermined due diligence process towards a final funding agreement for the Project. \n \n \n The first milestone to be completed is the Resource update and upgrade currently underway (See RNS of 03 September 2020). The Resource update and upgrade will deliver an updated Resource and Reserve statement, as well as a SAMVAL valuation report for the Project, expected by the end of October. (NOTE: The Reserve statement will only apply to TSF 6 and 7's contribution to the total Project Resource statement, which constitutes more...