African Company Robex Resources Partners With Taurus Mining Finance Fund To Progress Kiniero Gold Project
African Company Robex Resources Partners With Taurus Mining Finance Fund To Progress Kiniero Gold Project. Robex Resources Inc. is pleased to announce the signature of a mandate letter which appoints Taurus Mining Finance Fund No.2 L.P. as exclusive arranger for a total funding package of up to US$ 115 million for the development of the Kiniero Gold Project in Guinea.
The funding package is comprised of the following: $35 million bridge facility (the “Bridge”) to be used towards the early site work program and the engineering leading up to the NI43-101 Definitive Feasibility Study (“DFS”); expected to be released during Q2 of this year; up to $100 million project finance facility to be used to refinance the Bridge and fund capital development and working capital costs; Up to $15 million cost overrun facility to cover unforeseen expenditures above contingencies built-in the current design.
The Mandate Letter includes term sheets for the three facilities containing customary terms and conditions. In particular, the Bridge is subject to confirmatory due diligence, while the project finance and cost overrun are subject to the release of the DFS satisfactory to Taurus Funds. Benjamin Cohen, CEO stated: “We are pleased to move forward with the appointment of Taurus Funds as a potential funding source to accelerate the construction of the project. We remain on track to deliver our first pour in Q1 2024”.
Robex is a multi-jurisdictional West African gold production and development company with near term exploration potential. The Company is listed in Canada on the TSX-V:RBX and in Frankfurt (FRA:RB4). Robex has been operating the Nampala mine in Mali since 2017. Focused on diversification and growth, the Company is advancing the Kiniero Gold Project in Guinea, with a recently released Pre-Feasibility Study, highlighting a 2.75Moz of gold Reserves and Resources.
