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Vatukoula Gold: Second tranche of Chinese funding approved

Published: 02:37 01 Apr 2014 AEDT

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Fiji based gold miner Vatukoula (LON:VGM) has confirmed that a second US$20mln injection from Chinese investor, and major shareholder, Zhongrun International Mining, has now been approved by the Chinese authorities.

The company said it now expects to receive this second batch of cash in three instalments of no less than US$4mln, with the first coming before the end of April. 

The third and final instalment is expected in June, and at that point it will have received all US$20mln. It will conclude the US$45mln issue of loan notes to Zhongrun. The first US$20mln tranche was completed in November. 

Vatukoula also told investors, however, that because of previous delays in funding and the changes to the timing of the loan notes, the company’s production guidance will be revised to 40,000 ounces for the twelve months to the end of August 2014.

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