Perth-based miners Sandfire Resources and Base Resources say they have taken major steps towards finalising funding arrangements for the development of their flagship projects.
Sandfire announced today that due diligence processes had begun towards finalising a debt facility worth up to $360 million with ANZ for its DeGrussa copper-gold project in the Pilbara.
The miner announced last month that it would debt fund the project on the back of a robust definitive feasibility study.
Mine development and construction is already well advanced at DeGrussa, and gold-bearing ore was recently mined from the project’s first open pit.
Sandfire has already executed a $75 million mine development facility for DEGrussa.
Also today, Base Resources announced it had received formal credit approval to complete $US170 million in project finance facilities for its Kwale mineral sands project in Kenya.
The finance facility comprises a US$150 million senior debt facility and a $US20 million cost overrun facility, Base said.
Base Resources shares remain in a trading halt, last trading at 57.5 cents, while Sandfire’s stock was up 32 cents, to $7.97 at 12:40PM (WST).
