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Aureus Mining closes US$15.3mln funding

Last updated: 20:01 17 Feb 2015 AEDT, First published: 21:01 17 Feb 2015 AEDT

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Aureus Mining (LON:AUE) has successfully raised the US$15.3mln it was looking for to fund a new feeder pit at its New Liberty gold mine in Liberia. 

The IFC, part of the World Bank, had already agreed to put in US$8mln at 18p per share.

Other investors have now bought the remaining US$7.3mln worth of shares on offer through a placing

Aureus said the proceeds should allow for “increased flexibility” and generate stronger cash flows, particularly in the early years of the project's production phase.

First gold at New Liberty is expected in May with final commissioning scheduled for June, which is two months behind initial plans due to disruption from the Ebola crisis.

The US$15.3mln will fund a tweak to the original mine plan that will see an additional feeder pit boost production in the first year to 122,000 ounces, or 28,000 more than previously scheduled.


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