In November, Silver Lake acquired $63.3 million in credit score amenities prolonged to Harte by BNP Paribas. It additionally agreed to mortgage the miner C$10.8 million.
Harte Gold reported in Could that it was unable to pay its debt obligations and that it could want to lift funds earlier than the top of the 12 months to proceed operating the operation. It additionally engaged in a strategic evaluation course of.
Stalking-horse bid
As a part of a court-approved course of, Silver Lake submitted a stalking-horse bid (used to determine a baseline worth for the belongings) in December. Different events had till January 14 to submit a greater provide. The opposite bidder has not been revealed.
Manufacturing at Sugar Zone, 30 km north of White River, started in 2019. At first of 2021, administration anticipated the underground mine to supply 60,000 to 65,000 oz. for the 12 months. The corporate was additionally contemplating increasing the mine to 1,200 t/d from 800 t/d.
Steerage was revised downward in Could to 50,000 to 55,000 oz. gold. Over the primary three quarters of 2021, the mine’s precise manufacturing was 38,319 oz. gold.
(This text first appeared within the Canadian Mining Journal)
