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Dragon looking to raise $35m

PERTH-BASED Dragon Mining NL has announced plans to raise $35 million through secured convertible notes to fund the re-commencement of production at its second production centre at Vammala in Finland. Dragon said $22 million had been secured already through European and Australian investors. This will involve the re-establishment of underground mine production from the Orivesi Mine, the development of an open pit and underground mine at Jokisivu and re-commissioning of the Vammala plant, which is currently on care and maintenance. Funds will also be made available for incremental process improvements at Svartliden to provide sustainable plant performance.

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