Steppe Gold announces 40 million dollars drawdown for Phase 2 expansion at ATO Gold Mine
March 28, 2024 at 08:37 am EDT
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Steppe Gold Chief Financial Officer Jeremy South joined Steve Darling from Proactive to announce a significant financing milestone for the Phase 2 Expansion at the ATO Gold Mine, which is 100% owned by the company. This milestone aligns with further progress on the turnkey engineering, procurement, and construction contract, as well as the second project finance drawdown of $40.4 million.
South explained to Proactive that Steppe Gold has successfully reached the next financing milestone by making its second payment of US$37 million towards the Phase 2 Expansion. This payment will cover the procurement of major long lead items, mobilization costs, early construction works, and foundational work. The purchased items include flotation cells, grinding mills, cluster cyclones, thickener units, filters, and pumping systems.
He emphasized that the Phase 2 Expansion of the ATO Gold Mine is proceeding according to projected timelines and budgets, with commissioning planned for Q1 2026. Importantly, the $150 million Phase 2 Expansion is fully funded by the project finance package made available to the company and its affiliates by TDB Capital and the Trade and Development Bank of Mongolia.
This financing milestone underscores Steppe Gold's commitment to advancing the Phase 2 Expansion of the ATO Gold Mine efficiently and effectively. With a fully funded project and progress on procurement and construction, the company remains on track to achieve its expansion goals and enhance its production capacity in the coming years.
In summary, Steppe Gold's successful financing milestone for the Phase 2 Expansion reflects its strong financial position and strategic approach to project development. By securing project financing and advancing procurement activities, the company is poised to unlock further value and solidify its position as a leading gold producer in Mongolia.
Contact Details
Proactive North America
Proactive North America
+1 604-688-8158
NA-editorial@proactiveinvestors.com
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Copyright (c) 2024 TheNewswire - All rights reserved., source Press Releases
Steppe Gold Ltd. is engaged in the business of precious metals and minerals exploration sector. Its project includes Altan Tsagaan Ovoo (ATO) gold and silver project, Mungu Project, Uudam Khundii UK Project, and Tres Cruces Project. The ATO Project is located in the territory of Tsagaan Ovoo soum of Dornod province in eastern Mongolia and is comprised of one mining license covering an area of 5492 hectares. The Mungu gold and silver discovery is located northeast of the ATO Project. It is a structurally controlled epithermal gold-silver system with localized bonanza grades. The Uudam Khundii property is comprised of one exploration license covering 14,397 hectares. The project area is located 800 km south-west of Ulaanbaatar. The property is located between and adjoining the Bayan Khundii gold discovery and Altan Nar epithermal gold deposits explored by Erdene Resource Development Corporation. It also owns an interest in the Tres Cruces Gold Project located in Northern Peru.