Kalgoorlie Mining completes $6m placement

Kalgoorlie Mining Company says it has received commitments to raise $6 million for the construction of a gold treatment plant at its Bullant gold mine, near Kalgoorlie-Boulder.

Kalgoorlie Mining is currently producing gold at Bullant, and processing it at Barrick Gold’s nearby Kanowna Belle mill.

It said it expected to receive approval shortly from the Department of Mines and Petroleum to commence construction of the mill.

The share placement will be completed in two tranches, both at 8 cents per share.

Additional capital will also be put towards mine development activities at Bullant, chief executive Chris Daws said in a statement.

At 9:40AM (WST) Kalgoorlie Mining’s stock was down 8.3 per cent, at 7.7 cents.