Conquest Mining secures financing for Australian project

30 August 2011 (Last Updated August 30th, 2011 18:30)

Conquest Mining has received a $100m financial package from Macquarie Bank to fund construction of the Mt Carlton gold-silver-project in North Queensland, Australia. The finance package will include a $50m project finance facility, $40m bridge facility and $10m environmental performanc

Conquest Mining has received a $100m financial package from Macquarie Bank to fund construction of the Mt Carlton gold-silver-project in North Queensland, Australia.

The finance package will include a $50m project finance facility, $40m bridge facility and $10m environmental performance bond.

With the funds, Conquest will commence its Mt Carlton project in parallel with the Catalpa merger and Newcrest asset acquisition transactions, which are currently underway and expected to be completed in late October.

According to the optimisation study, the project has an estimated capital cost of $126.9m, of which $6.95m has already been spent.