West Wits bags A$74.4M funding for South African gold push
West Wits Mining has secured A$74.4 million in funding from major South African banks to support its Qala Shallows gold mine project. This new financing replaces a previous arrangement and aims to facilitate an aggressive production ramp-up. The company has also implemented a hedging strategy to protect against market fluctuations during the project's initial phase.
- ▪West Wits Mining has obtained a senior funding deal worth ZAR 875 million (A$74.4M) from Absa Bank and Nedbank.
- ▪The new funding replaces a previous development funding arrangement and supports the company's production ramp-up at the Qala Shallows gold project.
- ▪The loan facility is tied to the South African Rand Overnight Index Average and has a repayment structure over 36 months.
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