Business
Steppe Gold announces 40 million dollars drawdown for Phase 2 expansion at ATO Gold Mine
(NewsDirect) Steppe Gold Chief Financial Officer Jeremy South joined Steve Darling from P...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold announces 40 million dollars drawdown for Phase 2 expansion at ATO Gold Mine\n \n \n (NewsDirect)\n \n \n \n \n Steppe Gold Chief Financial Officer Jeremy\nSouth joined Steve Darling from Proactive to announce a significant\nfinancing milestone for the Phase 2 Expansion at the ATO Gold Mine,\nwhich is 100% owned by the company. This milestone aligns with further\nprogress on the turnkey engineering, procurement, and construction\ncontract, as well as the second project finance drawdown of $40.4\nmillion.\n \n \n South explained to\nProactive that Steppe Gold has successfully reached the next financing\nmilestone by making its second payment of US$37 million towards the\nPhase 2 Expansion. This payment will cover the procurement of major\nlong lead items, mobilization costs, early construction works, and\nfoundational work. The purchased items include flotation cells,\ngrinding mills, cluster cyclones, thickener units, filters, and\npumping systems.\n \n \n He emphasized that\nthe Phase 2 Expansion of the ATO Gold Mine is proceeding according to\nprojected timelines and budgets, with commissioning planned for Q1\n2026. Importantly, the $150 million Phase 2 Expansion is fully funded\nby the project finance package made available to the company and its\naffiliates by TDB Capital and the Trade and Development Bank of\nMongolia.\n \n \n This financing milestone\nunderscores Steppe Gold's commitment to advancing the Phase 2\nExpansion of the ATO Gold Mine efficiently and effectively. With a\nfully funded project and progress on procurement and construction, the\ncompany remains on track to achieve its expansion goals and enhance\nits production capacity in the coming years.\n \n \n In summary, Steppe\nGold's successful financing milestone for the Phase 2 Expansion\nreflects its strong financial position and strategic approach to\nproject development. By securing project financing and advancing\nprocurement activities, the company is poised to unlock further value\nand solidify its position as a leading gold producer in\nMongolia.\n \n \n \n Contact Details\n \n \n \n \n Proactive North\nAmerica\n \n \n \n Proactive North America\n \n \n +1\n604-688-8158\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2024 TheNewswire - All rights reserved.\n \n \n","length":2741,"tagName":"div"}]