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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAR.
RNS Number : 3001Z
Archipelago Resources PLC
12 January 2011
12 January 2011 AIM: AR
Archipelago Resources
("Archipelago" or "the Company")
Provision of a US$55m loan facility by an Indonesian bank
Archipelago is pleased to announce a US$55m secured loan facility from a prominent Indonesian bank which will be used to complete construction of the Toka Tindung Gold Project ("the Project" in Sulawesi, Indonesia in which the Company has a 95% interest. The initial facility's agreement date is today and the key terms of the facility are as follows:
-- Maturity date of 9 months from the initial facility's agreement date;
-- An interest rate of 5.5% per annum with interest paid every 3 months;
Upon maturity of the initial 9 month facility above, a second loan facility of US$55m will be available if required to, refinance the initial facility, the key terms of which are as follows:
-- Maturity date of 4 years after the agreement date of the second loan facility;
-- An interest rate of 5.75% per annum with interest paid every 3 months;
Both loan facilities will have a facility fee and an administration fee payable within 5 days of the respective agreement date. Management are of the opinion that these terms are considered financially competitive and generally commensurate with industry loans of this type.
Revenue protection is required in the form of put options intended to provide a floor price of circa US$900/oz for approximately 100,000 ounces of gold in total over the life of the loan. All of the Company's production will remain exposed to any increases in the gold price.
The Toka Tindung Gold Project has a resource of 1.7 million ounces of which 1.1m will be minable by way of open pit mining. It will be in production by the end of March 2011 and is targeted to produce 110,000 ozs of gold equivalent in calendar year 2011, with an annual average production of 160,000 ozs of gold equivalent over the first 6 years of the initial 8 year project life. Mining has been underway since the third quarter of 2010 and the processing plant is nearing completion and undergoing pipe and cable installation. In addition the Company will spend US$30m, the majority of which will be funded from operational cash flow, on an exploration program to be undertaken over the next two years following up the Company's many prospective exploration targets.
Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc.
Tel: 00-618-9364-8301
Shaun Whyte, Ambrian Partners Ltd
Tel: 0207634-4700
Bobby Morse / Katharine Sutton, Buchanan Communications
Tel: 0207466 5000
Gerry Beaney / Fiona Kindness / David Hignell, Grant Thornton Corporate Finance
Tel: 020 7383 5100
www.archipelagoresources.co.uk
Archipelago is a mining company listed on the AIM market of the London Stock Exchange. The Company's principal activities are gold mining and exploration in Indonesia (as 95% owner of the near production Toka Tindung Gold Project in Sulawesi), Vietnam (as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with VINACOMIN a Vietnamese Government mining company) and the Philippines (via entitlement to not less than an 80% interest in exploration company Corplex).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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