8 Sep 2014 15:17
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Don't have an account? Click here to register.Aureus Mining raises $72m to fund transition
Fri, 14th Oct 2016 11:36
(ShareCast News) - Aureus Mining announced on Friday that it has conditionally raised approximately $72m via an equity fundraising to finance its transition to an owner-operator mining model, repay amounts due to Nedbank and FirstRand Bank, and to strengthen its balance sheet.The AIM-traded firm said approximately $60m was being raised from MNG Gold Jersey through a direct subscription with the company at a price of 1.5p per share.On top of that, around $12m was being raised from institutional investors, also at a price of 1.5p per share.Aureus said the net proceeds of the fundraise will be used to effect the company's transition to an owner-operator mining model through the proposed acquisition by Bea Mountain Mining Corporation of mining equipment and inventory from Atmaca Services Liberia.It will also be used to terminate the mining services contract, as set out in the company's announcement of 6 September.The board estimated that the transition to an owner-operator mining model could result in cost savings for BMMC of approximately $1.5m to $2m per month.Additionally, funds will be used to pay historic MonuRent Liberia invoices, to make principal and interest repayments due to lenders, to fund improvements to the processing plant and tailings storage facility, for regional exploration of existing licenses, and for general working capital requirements.On the operational front, Aureus said performance at the New Liberty Gold Mine continues to improve with 6,021 ounces of gold produced in September 2016."Under its rescheduled production profile, the company is targeting production of approximately 100,000 ounces of gold in 2017 with life-of-mine cash costs of $743 per ounce and all-in-sustaining costs of $845 per ounce," the board said in a statement."The directors believe the updated profile has scope for further optimisation and that there is the potential to review the pit shell and contained gold ounces once lower operating costs have been demonstrated."The company claimed to have made progress in addressing the issues that led to the historical failure to deliver the mine plan."These include improving the detoxification circuit, increasing the number of experienced operators on site, establishing more efficient procurement processes and plans to redesign the TSF."
More News
8 Aug 2014 18:00
UPDATE 1-Miners battle to keep Ebola at bay in West Africa
* Contractors at ArcelorMittal Liberia iron ore ops declare force majeure * Aureus Mining, Tawana Resources send non-essential staff home * WHO says Ebola an international health emergency (Adds evacuation of ArcelorMittal contractors from Liberia) By Karen Rebelo Aug 8
Read more8 Aug 2014 08:35
Aureus Mining says no Ebola cases reported across its operations
Sub-Saharan Africa-focused miner Aureus Mining has reassured investors that no cases of the Ebola virus have been reported or suspected across its operations. While construction is continuing at its New Liberty gold project in Liberia, "non-essential staff" have been granted leave, including the ex
Read more8 Aug 2014 07:08
UPDATE 1-Aureus Mining says no Ebola cases suspected, takes precautions
(Adds background) Aug 8 (Reuters) - Gold miner Aureus Mining Inc, which is active in Liberia and Cameroon, said it was taking precautions to protect staff against the risk of Ebola, adding there were no reported or suspected cases of the virus across its operations. The company said c
Read more8 Aug 2014 06:40
Aureus Mining says no Ebola cases suspected, takes precautions
Aug 8 (Reuters) - Gold miner Aureus Mining Inc, which operates in Liberia and Cameroon, said there were no suspected or reported cases of the Ebola virus disease across its operations. The company said construction at its New Liberty gold deposit in Liberia continued and non-essential staff
Read more30 Jul 2014 09:50
Wednesday broker round-up UPDATE
Antofagasta: Westhouse Securities downgrades from add to neutral with a target price of 885p. Investec places its target price (prev.: 690p) under review, while keeping its sell recommendation. Aureus Mining: FinnCap lowers target price from 66p to 62p maintaining a buy recommendation. British Ame
Read more11 Jun 2014 10:09
Aureus Mining's New Liberty Gold Project On Track For Production
LONDON (Alliance News) - Aureus Mining Inc Wednesday said construction of the New Liberty gold project in Liberia remains on track to deliver first gold production in the first quarter of 2015. The gold-mining company, which has operations in Liberia and Cameroon and is building Liberia's f
Read more7 May 2014 12:16
Aureus Mining Appoints Louden Owen To Board
LONDON (Alliance News) - Aureus Mining Inc Wednesday said it has appointed venture capitalist Louden Owen to its Board of Directors to compliment its team as it completes construction of the New Liberty Gold Project. The gold-mining company, with operations in Liberia and Cameroon, said Owe
Read more28 Apr 2014 11:40
Aureus Mining To Drawdown USD32.0 Million Of Loan Facility
LONDON (Alliance News) - Aureus Mining Inc Monday said it is to draw down approximately USD32.0 million of its new USD100.0 million debt facility provided by Nedbank Ltd, FirstRand Bank Ltd and RMB Resources in a move that will finance the development of the company's New Liberty Gold project.Read more
24 Apr 2014 09:19
Thursday broker round-up UPDATE
AMEC: UBS ups target price from 1145p to 1200p maintaining a neutral rating. ARM Holdings: HSBC raises target price from 1080p to 1120p and keeps an overweight rating. Associated British Foods: HSBC increases target price from 280p to 310p and upgrades from neutral to overweight. Deutsche Bank rai
Read more17 Apr 2014 09:41
Aureus Mining Plans Owner Mining At Liberty Gold, Awards Contract To MonuRent
LONDON (Alliance News) - Aureus Mining Inc Thursday said it now plans to engage in owner mining at its new Liberty Gold project in Liberia and has awarded MonuRent Ltd a contract to provide and maintain fleet at the site. The gold-mining company, with operations in Liberia and Cameroon, sai
Read more15 Apr 2014 14:54
Aureus Mining raises 26bn dollars to fund New Liberty development
Liberia-focused gold miner Aureus Mining has raised a total of 26bn dollars (15.6m dollars) to fund the development of its New Liberty gold deposit. The company is to raise proceeds of $15m through an underwriting placing and a further $11.1m from an investment from International Finance Corporatio
Read more