Curated News
By: NewsRamp Editorial Staff
March 28, 2024
Steppe Gold Achieves Financing Milestone for Phase 2 Expansion at ATO Gold Mine
Discuss on RedditTLDR
- Steppe Gold secures $40.4 million for Phase 2 Expansion at ATO Gold Mine, enhancing its production capacity and solidifying its position as a leading gold producer in Mongolia.
- Steppe Gold successfully reached the financing milestone by making a second payment of US$37 million towards the Phase 2 Expansion, covering procurement and construction costs.
- Steppe Gold's Phase 2 Expansion of the ATO Gold Mine is fully funded, reflecting its commitment to advancing project development and enhancing production capacity, which will contribute to the local economy.
- Steppe Gold's milestone financing for the Phase 2 Expansion includes the procurement of major long lead items such as flotation cells, grinding mills, and pumping systems, signaling significant progress in their expansion plans.
Impact - Why it Matters
The successful financing milestone for the Phase 2 Expansion at the ATO Gold Mine is important as it reflects Steppe Gold's commitment to advancing the project efficiently and effectively, solidifying its position as a leading gold producer in Mongolia. This not only impacts the company's growth and production capacity, but also demonstrates the potential for economic development and investment in the region. Investors, stakeholders, and those interested in the mining industry should take note of Steppe Gold's progress and the positive implications for the future.
Summary
Steppe Gold Chief Financial Officer Jeremy South announces a significant financing milestone for the Phase 2 Expansion at the ATO Gold Mine, fully funded by project finance package from TDB Capital and the Trade and Development Bank of Mongolia. South explained that the company successfully reached the financing milestone with a second payment of US$37 million, covering the procurement of major long lead items and early construction works. The Phase 2 Expansion is proceeding according to projected timelines and budgets, with commissioning planned for Q1 2026. The financing milestone reflects Steppe Gold's commitment to advancing the Phase 2 Expansion efficiently and effectively, solidifying its position as a leading gold producer in Mongolia.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Steppe Gold Achieves Financing Milestone for Phase 2 Expansion at ATO Gold Mine
