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Steppe Gold secures $150 million to fully fund Phase 2 expansion at ATO Gold Mine
(NewsDirect) Steppe Gold executive vice president Aneel Waraich joined Steve Darling from...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold secures $150 million to fully fund Phase 2 expansion at ATO Gold Mine\n \n \n (NewsDirect)\n \n \n \n \n Steppe Gold executive vice president Aneel\nWaraich joined Steve Darling from Proactive to announce a significant\ndevelopment for the company.\n \n \n Steppe\nGold has signed a binding term sheet, securing up to $150 million in\nfinancing to fully fund the construction and completion of the Phase 2\nExpansion at the ATO Gold Mine. According to Waraich, the financing\nwill be provided in multiple stages, with an initial $50 million loan\ndesignated for ordering equipment and long lead items. The payback\nperiod for the financing will commence upon the completion of the\nPhase 2 Expansion, coinciding with the first concentrate production\nand sales from Phase 2, which are expected to occur in 2025.\n \n \n Steppe Gold anticipates generating total\ngross revenue of $2.2 billion over the next 14 years, encompassing\nboth the current oxide phase and the Phase 2 Expansion. This financing\nagreement ensures the company's financial stability and positions\nthem for continued growth and success in the gold mining industry.\n \n \n Waraich highlighted the positive impact of the project, noting\nthat approximately 300 new jobs will be created during the\nconstruction and operation phases. Furthermore, Steppe Gold emphasizes\nthat the project has received full support from local communities and\nall stakeholders, fostering a collaborative and sustainable approach.\nThe construction phase is already underway, with significant progress\nmade on the crushing circuit, which is currently 90% complete.\n \n \n \n Contact Details\n \n \n \n Proactive Canada\n \n \n +1\n604-688-8158\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2023 TheNewswire - All rights reserved.\n \n \n","length":2208,"tagName":"div"}]