West African gold producer and developer Robex Resources has appointed Taurus Mining Finance Fund No.2 as its exclusive arranger for a funding package of up to $115 million for the development of Robex’s Kiniero gold project in Guinea.
The funding package is comprised of a $35 million bridge facility to be used towards the early site work program and the engineering leading up to a definitive feasibility study (DFS), which is expected to be released in the second quarter of the year.
It said up to $100 million project finance facility would be used to refinance the bridge and fund capital development and working capital costs as well as up to $15 million cost overrun facility to cover unforeseen expenditures above contingencies built-in the current design.
The mandate letter between Robex and Taurus includes term sheets for the three facilities containing customary terms and conditions.
In particular, the bridge is subject to confirmatory due diligence, while the project finance and cost overrun are subject to the release of the DFS satisfactory to Taurus funds.
“We are pleased to move forward with the appointment of Taurus Funds as a potential funding source to accelerate the construction of the project,” said Robex chief executive Benjamin Cohen.
He said they remain on track to deliver their first pour in the first quarter of 2024.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
The funding package is comprised of a $35 million bridge facility to be used towards the early site work program and the engineering leading up to a definitive feasibility study (DFS), which is expected to be released in the second quarter of the year.
It said up to $100 million project finance facility would be used to refinance the bridge and fund capital development and working capital costs as well as up to $15 million cost overrun facility to cover unforeseen expenditures above contingencies built-in the current design.
The mandate letter between Robex and Taurus includes term sheets for the three facilities containing customary terms and conditions.
In particular, the bridge is subject to confirmatory due diligence, while the project finance and cost overrun are subject to the release of the DFS satisfactory to Taurus funds.
“We are pleased to move forward with the appointment of Taurus Funds as a potential funding source to accelerate the construction of the project,” said Robex chief executive Benjamin Cohen.
He said they remain on track to deliver their first pour in the first quarter of 2024.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
