Project level finance6 Nov 2024 20:32
Significant progress has been made regarding the settlement of the historic claim following the approval of a settlement agreement by the Attorney General’s office and its recommendation to the relevant government body to sign. The Company has also received assurances from its previously announced refinancier of its commitment to provide restructuring finance. However, in view of the historical delays in executing these sources of liquidity, the Group has commenced discussions with several strategic investors to invest at the project level in both the Manaila Polymetallic Mine (“MPM”) and the Baita Plai Polymetalic Mine (“BPPM”) and has also initiated other alternative measures. The expectation is that these measures will allow the Group to repay debt and will also provide the necessary funding to restart MPM and fund the increase in capacity at BPPM.