Erdene Resource Development Corp CEO Peter Akerley joined Steve Darling from Proactive to provide an update on their mining project in Mongolia, revealing a $15 million investment from their partners, MMC, bringing the total investment to $40 million.
This injection of funds ensures they stay on track with their project schedule, moving into early works and civils, with full construction slated for the next year. The company is finalizing a senior debt package, which will complement the MMC investment, covering the $100 million capital expenditure.
Akerley also discussed the project site, highlighting significant developments, including the construction of an initial gold mine in the 90 district, a new discovery at Avalon with high-grade intersections, and the Dark Horse discovery with substantial reserves. The site features a remarkable processing plant, with 10% completion and ongoing progress, set to meet its targets for early 2025.