https://newsletter.en.creamermedia.com
Africa|Construction|Gold|Mining|PROJECT
Africa|Construction|Gold|Mining|PROJECT
africa|construction|gold|mining|project

Montage secures $825m for new West Africa gold mine

24th October 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Vancouver-based Montage Gold has announced a financing package totalling $825-million to fund the construction of its flagship Koné project in Côte d'Ivoire. 

The financing involves Wheaton Precious Metals and Zijin Mining, enhancing Montage's liquidity sources to about $968-million, including $143-million in cash reserves.

The financing package includes a $625-million gold stream and a $75-million senior secured loan facility from Wheaton, alongside a $75-million fully redeemable subordinated gold stream and a $50-million senior secured loan facility from Zijin.

Montage CEO Martino De Cicco said the funding package provided the company with significant funding headroom, ahead of launching construction.

He said that, with the financing milestone achieved, Montage would soon launch construction of Koné, which was set to become West Africa’s next sizeable, long-life, low-cost gold mine. 

Wheaton president and CEO Randy Smallwood pointed out that the Koné project enjoyed strong shareholder backing from the Lundin Group and Zijin Mining. 

“With essential permits in place coupled with its impressive scale, we believe the Koné project stands out as one of the premier gold assets in Africa and we are very pleased to partner with Montage to deliver a full financing package for its development,” said Smallwood. 

Based on the 2024 feasibility study, the Koné project has an estimated 16-year mine life and sizeable production of  300 000 oz/y over the first eight years.

Edited by Creamer Media Reporter

Comments

Projects

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 22 November 2024
Magazine round up | 22 November 2024
22nd November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.092 0.225s - 190pq - 2rq
Subscribe Now