Funds for expansion Canadian miner Marathon Gold has announced the execution of a credit-approved commitment letter signed with Caterpillar Financial Services Limited for equipment lease financing related to the company’s development and operation of the Valentine gold project in central Newfoundland, Canada.
The commitment letter contemplates some US$81 million of equipment leasing for Caterpillar trucks, excavators, graders, loaders, and dozers, Marathon Gold said in a statement.
Matt Manson, the president and chief executive of the Canadian miner, said that the latest contract represents “another significant milestone in our project financing arrangements for the Valentine Gold Project. This agreement will provide financing for the Project’s mobile mining equipment through project development and into the first several years of mining operations at an attractive overall cost of capital for Marathon.”