Steppe Gold secures $150 million to fully fund Phase 2 expansion at ATO Gold Mine
Vancouver
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July 12, 2023 04:45 PM Eastern Daylight Time
Steppe Gold executive vice president Aneel Waraich joined Steve Darling from Proactive to announce a significant development for the company.
Steppe Gold has signed a binding term sheet, securing up to $150 million in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine. According to Waraich, the financing will be provided in multiple stages, with an initial $50 million loan designated for ordering equipment and long lead items. The payback period for the financing will commence upon the completion of the Phase 2 Expansion, coinciding with the first concentrate production and sales from Phase 2, which are expected to occur in 2025.
Steppe Gold anticipates generating total gross revenue of $2.2 billion over the next 14 years, encompassing both the current oxide phase and the Phase 2 Expansion. This financing agreement ensures the company's financial stability and positions them for continued growth and success in the gold mining industry.
Waraich highlighted the positive impact of the project, noting that approximately 300 new jobs will be created during the construction and operation phases. Furthermore, Steppe Gold emphasizes that the project has received full support from local communities and all stakeholders, fostering a collaborative and sustainable approach. The construction phase is already underway, with significant progress made on the crushing circuit, which is currently 90% complete.
Contact Details
Proactive Canada
+1 604-688-8158
