Montage secures $825m for new West Africa gold mine
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.
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