LONDON (Alliance News) - Aureus Mining Inc on Tuesday said its lender has given the company an extension to the deadline by which it is expected to made its first debt repayment as it continues to advance its new mine plan for its operation in Liberia.
The company's lenders, FirstRand Bank Ltd, Nedbank Ltd and the Export Credit Insurance Corp of South Africa Ltd, have given Aureus another final credit approval to delay a repayment that was due on Monday until April 29.
The original repayment was due at the end of January but its lenders have given numerous extensions whilst the company tries to finalise its updated mine plan for the New Liberty gold mine in Liberia, which will allow it to hold discussions about organising a new debt repayment schedule with its lenders.
"The company continues to work with its consultants, SRK Consulting (UK) Ltd, to finalise a number of revised mine plan scenarios for New Liberty to deliver optimum value from the project at varying gold price levels," said Aureus.
Aureus said the work completed to date includes the development of an updated orebody model for the project, which has utilised new information provided by the grade control drilling that was completed in 2015.
Aureus shares were trading down 1.3% to 6.17 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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