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5 Dec 2022 07:00
AltynGold Plc
("AltynGold" or the "Company")
Receipt of an additional credit line from BCC and expansion at Sekisovskoye
AltynGold plc (the Company) is pleased to announce that an additional credit line for an amount of US$40m from Kazakh Bank JSC “Bank Center Credit” (BCC) has been successfully secured. The loans are repayable in instalments over a term of six and a half years with interest charges ranging from 3% to 7%.
The additional credit line together with the Company’s own funds will be utilised to increase the production capacity of the underground mine and expand the capacity of the processing plant to 1mtpa. The expansion project total cost is US$64m.
The details of the use of proceeds are described below:
To increase the production capacity of the underground mine to 1mtpa
- acquisition of an additional amount of basic mining machinery and equipment:
underground dump truck AD-30 (30t) - 7pc;LHD Cat R-1300 (3.1) - 7pc;ring drilling rig Atlas Copco Simba K-102 - 2pc;tunneling jumbo Atlas Copco Boomer S1D;raise bore KPV-4A - 1 pc;exploration drilling rig Atlas Copco Diamec U4 Smart.- acquisition of auxiliary mining equipment that ensures efficient and safe mining operations:
main ventilation fan "Korfmann" - 1pc;local ventilation fans VME-12 - 4pc;special vehicles for delivering people to the mine - 3pc;compressor 45 "Lupomat" – 1pc;other equipment: cleaning area scanner, inclinometer, Flygt BS downhole pumps - 6pc, etc.- reconstruction of the power supply at the mine and the implementation of an accident warning system and positioning of workers in the mine;
- draining the pit in order to reduce water inflow into the mine and ensure the safe operation of the pit’s transport communications in winter;
- equipment and transport for moving ore and workers on the surface (25t Shacman dump truck - 6pc, ZL-50 loader – 4pc, Bulldozer - SD - 32, JSB excavator, tanker, PAZ bus, etc.).
- to increase the ore processing capacity up to 1mtpa, the processing plant will be reconstructed.
To expand the capacity of the processing plant to 1mtpa:
- installation of an additional mill 4500x6000 for the first stage of grinding;
- acquisition of equipment and construction of a new crushing and screening complex (DSK) with 3 stages of crushing;
- expansion of the sorption department (installation of an additional 3 leaching tanks of 800 volumes each with full equipment);
- reconstruction of the desorption and electrolysis system in order to ensure the processing of 8 tons of activated carbon per day;
- implementation of a significant amount of construction and installation works (construction of buildings and structures, foundations, installation of equipment, etc.).
AltynGold’s CEO Aidar Assaubayev commented:
“Securing the development funding at attractive terms, indicates our partners’ confidence in the prospects of AltynGold. We are now in a position to implement the expansion plan towards 1mtpa production within two years in line with our strategic growth plan. Achieving this milestone will significantly increase shareholders value and set the stage for a sustainable dividend policy.”
Further Information:
For further information please contact:
AltynGold Plc
Rajinder Basra
+44 (0) 203 432 3198
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Information on the Company
AltynGold Plc (LSE:ALTN) is an exploration and development company, which is listed on the main market segment of the London Stock Exchange.
To read more about AltynGold Plc please visit our website www.altyngold.uk
View source version on businesswire.com: https://www.businesswire.com/news/home/20221204005022/en/
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