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AltynGold PLC - London-based gold mining company with assets in Kazakhstan - Says application for an a total of USD40 million credit line from Kazakh Bank JSC has been approved. Says the loan is repayable in instalments over six and a half years, and has a 6% interest rate. AltynGold says it will be used to "expand the capacity of the processing plant to 1 [million tonnes per annum] in anticipation of the expected increase in mining production at Sekisovskoye."
Chief Executive Officer Aidar Assaubayev says: "The goal was to obtain the necessary financing at competitive terms and in the best interest of shareholders. After exploring a number of opportunities and an extensive due diligence period we are very pleased to update our shareholders on the funding approval. The proceeds will accelerate our growth strategy by expanding production and processing capacity towards our midterm target of 1mtpa."
Sekisovskoye is a gold mine located near regional capital Oskemen in Kazakhstan.
Current stock price: 108.65p
12-month change: down 11%
By Xindi Wei; xindiwei@alliancenews.com
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