Malartic Hygrade Gold Mines (VSE) recently arranged a US$5- million gold loan facility with the Bank of Nova Scotia to finance plant construction at the Congress gold mine in Arizona. The loan bears an interest rate of 2 1/8% and is repayable on the basis of 1,500 oz. per quarter beginning in December. Under the loan, all proceeds must be repaid by September, 1992.
Construction of a 350-ton-per- day mill is about 85% completed and the mine is scheduled to be up and running this summer. Congress is expected to produce over 30,000 oz. gold annually at a cash cost of US$225 per oz.
Last year, Malartic reported 20,105 oz. of gold production from operations in the Val d’Or, Que., region.
Be the first to comment on "Malartic Hygrade loan to fund Congress mill"