The commercial bank has now advised it has secured final credit approval to provide half of the senior debt loan facility, subject to the DFI providing the balance, the conclusion of definitive loan documentation, and the fulfilment of conditions precedent contained therein. This follows a due diligence process including technical, environmental, and legal due diligence. The DFI is currently working through its approval process, and a decision is expected soon.
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West Wits Chairman Michael Quinert said: “Securing this facility will provide the majority of funding for this exciting project on non-dilutive, cost-effective bank loan terms and the strongest foundation to now complete our funding requirements and move quickly to commence work on getting Qala Shallows into production.”
Development of the Qala Shallows could create over 1,000 direct jobs in South Africa, providing substantial benefits to the local community and being a key driver of local economic development over the 18-year life of the mine.
In preparation for the completion of the senior debt facility, West Wits Mining has been examining a range of options to procure the balance of funds required to ensure Qala Shallows is fully funded to positive cash flow. West Wits expects to finalise its plans in this regard and update the market in the near term.
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