Lydian International Limited (TSX:LYD) has tweaked the terms of its US$160mln loan to build the Amulsar gold mine in Armenia to be more in line with the construction schedule.
Lenders Orion Mine Finance and Resource Capital Fund VI have extended availability of the initial US$50mln tranche by six months to 30 June 2017 and the second US$110mln tranche to 31 March 2018.
The maximum amount of allowable third-party equipment financing has also been increased by US$5mln to US$85mln, while the cost overrun facility from Orion and RCF has been reduced to US$14mln.
“We are very pleased with these revisions,” said Howard Stevenson, Lydian’s chief executive.
“We have a better view of our path to first gold production now that construction has started.
“Extending and optimizing several components of this facility improves alignment with our project schedule and supports upcoming construction activities at the Amulsar Gold Project,” he said.
Production at Amulsar is expected to begin in 2018.
Mineral resources are 3 mln measured and indicated ounces and 2 mln inferred ounces.
Gold production is targeted to average more than 200,000 ounces annually over an initial 10 year mine life.
Story by ProactiveInvestors