Proactive Investors - Run By Investors For Investors

Blackham Resources to be cash flow positive in the December 2017 quarter

Blackham held $10 million in cash and bullion at the end of September.
Blackham Resources to be cash flow positive in the December 2017 quarter
Blackham is a gold producer

Blackham Resources Ltd (ASX:BLK) is moving towards a key financial metric with the company expecting to be cash flow positive in the December 2017 quarter due to access to higher grade ore to be mined from the open pits at the Matilda/Wiluna Gold Operation.

The gold operations are located in Australia’s largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna.

Blackham boasts resources of 65 million tonnes at 3.1g/t gold for 6.5 million gold ounces, which are all within 20 kilometres of the central processing facility, providing strong economies of scale.

The company has consolidated almost the entire Wiluna Goldfield within a +1,100 square kilometre tenement package which has historically produced in excess of 4.3 million gold ounces.

Latest funding details

Blackham has received strong interest in refinancing of its current debt position.

Blackham is now in a position to confirm it has a credit approved term sheet to fully re-finance the $36.7 million current secured debt position.

The term sheet has the first repayment in June 2020 which means the company’s working capital position would be improved by the $14.8 million currently repayable by the 31st December 2017 under the existing financing facility.

Technical due diligence has now been completed and the legal documentation is currently well advanced.

The term sheet remains subject to legal due diligence which is also well advanced.

View full BLK profile View Profile

Blackham Resources Ltd Timeline

Related Articles

1544472364_oil-worker-silhoette.jpg
Tue
MGX is focused on mining, water (including mineral extraction from brines, eg, lithium) and battery mass storage
electric car
July 20 2018
Commissioning at Sonora is intended for the first-quarter of 2020
Main access road to the McIntosh project
November 21 2018
Hexagon’s McIntosh project partner MinRes is working towards production by April 2021.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use