SOUTH CAROLINA – Toronto-headquartered Romarco Minerals has secured a US$200 million, 8.5-year senior financing for its Haile gold mine development in Lancaster County. Letters have been signed with Caterpillar Financial Services, Macquarie Bank, and Societe General Corporate and Investment Banking.
Romarco has been offered the $200 million debt facility at an interest rate of LIBOR plus 3.74% to 4.25%. The loan is secured by the mine assets without recourse to the parent after completion. Gold hedging is not mandatory. Total cost of the project is US$320 million.
Diane R. Garrett, Romarco president & CEO, commented, “This [the financing] speaks to the strong endorsement of three global mining lenders for the Haile project and the economic strength of the project. As one of the lowest cost, highest grade open pit gold mines in the industry, Haile sits at the top end of the quality spectrum of gold assets having a positive feasibility study at US$950 gold.”
The Haile project has measured and indicated resources of 71.2 million tonnes at 1.77 g/t for 4.0 million oz of gold. There are also 20.1 inferred tonnes at 1.24 g/t for 800,000 oz.
Details of the Haile gold project are available at HaileGoldMine.com.