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Gold Miner Altyn Secures Milestone USD17 Million Bank Loan

Wed, 11th Sep 2019 11:35

(Alliance News) - Kazakhstan-focused gold miner Altyn PLC on Wednesday said a USD17 million loan from Kazakh Bank JSC has been approved.

Shares were 10% higher on Wednesday morning at 0.76 pence each.

The loan is repayable in instalments over seven years, and has an annual interest rate of 6%. The money will be used to ramp up output at the Sekisovskoye mine in western Kazakhstan, and also help development work.

Chief Executive Aidar Assaubayev said: "The aim has always been to obtain the necessary finance at terms that are competitive 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 received. This funding will, I am confident, provide a springboard for future growth."

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