Published by Jaroslaw Adamowski
New funds secured Australian gold miner Kin Mining has secured $27 million in funds to invest in the full pre-production and construction cost of its Leonora Gold Project in Australia’s western part.
Production activities at the gold project are scheduled to begin in the second half of 2018, Kin Mining said in a statement.
"Sprott is known to be well-versed in determining the viability of resource projects and making astute investment decisions. We look forward to collaborating with Sprott to become Western Australia’s next gold producer," said Don Harper, the managing director and CEO of the Australian miner.
The funds will be provided by Canada-based Sprott Private Resource Lending as a secured credit facility. The loan is made available under a three-year deal.
Kin Mining says that the Leonora project contains JORC-code classifies resources of some 22.32 million tonnes.