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Aureus Mining gets two month extension to debt waiver

Thursday, October 13, 2016 8:01
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(Before It's News)

Shares in West Africa focused Aureus Mining Inc (LON:AUE, TSX:AUE)  dipped as it told investors a waiver to its debt repayments to its lenders had been further extended to December 14 this year.

A previous waiver and standstill agreement with Nedbank Limited and FirstRand Bank had been due to expire on Friday (October 14) as reported in June.

The firm opened its New Liberty gold mine in Liberia in 2015 but the project has had well- documented teething issues, apart from the civil war and a deadly Ebola outbreak.

It is now embarking on cost cutting measures and work to enable it  to reach steady state operations.

Turkish conglomerate MNG took majority control of the firm through a US$30mln share subscription in June, and it is now in talks with Aureus lenders over potentially providing a guarantee in exchange for the re-sculpting of debt repayments and relaxation of loan covenants. If these talks do not succeed, the firm may breach its covenants.

Aureus shares shed 5% to stand at 2.375p.

Story by ProactiveInvestors

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