NAIF approves A$150m for Hemi gold project
Northern Australia Infrastructure Facility (NAIF) has agreed to terms for a A$150-million loan to support development of ASX-listed De Grey Mining's Hemi gold project, in the Pilbara region of Western Australia.
The terms agreed with NAIF include a commitment by De Grey to continue to engage closely with the Kariyarra People, the Native title holders of the land on which Hemi is located, and to drive positive outcomes for traditional owners.
The NAIF loan will form part of the lending syndicate which is expected to provide a combined A$1-billion senior debt facility and A$130-million cost overrun facility which, together with De Grey’s existing cash balance, were expected to be sufficient to finance the development of Hemi.
“Hemi is an important project for the Pilbara region which will help provide commodity diversification and new mineral processing skills in what is already a mining heartland of Western Australia. The Hemi processing facility will be a strategic long-term piece of regional infrastructure with potential to process gold ores from the Pilbara and potentially from other parts of Northern Australia,” commented MD Glenn Jardine.
He said that De Grey expected to be in a position to complete the project financing for Hemi in the current December half-year.
A final investment decision will then be dependent on the timing of the receipt of final environmental approvals. Hemi will produce an average of 530 000 oz/y over its first ten years of production.
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