No shortage of backers for Bellevue’s $255m Goldfields project

Bellevue Gold says it will draw up a shortlist of preferred lenders to help fund its namesake $255 million gold project near Leinster after being swamped with proposals (reports The West Australian).
16th July 2021
Resources Rising Stars

The Steve Parsons-led developer said it had received 12 non-binding, indicative debt offerings of between $170m and $289m from leading Australian and overseas institutions.

Mr Parsons said the indicative offers were a testament to the project’s technical and financial strengths.

“The quality of the institutions which have lodged proposals and the highly attractive terms they contain reflects Bellevue’s outlook as a high-grade, high-margin project in a tier-one location,” he said.

“Given these offers and our cash position of $94m at the end of June, we are on track to develop the project and join the ranks of Australian gold producers in 2022.”

The managing director of the company’s debt adviser Orimco, Nick Harch, said the expressions of interest received had exceeded expectations and provided Bellevue with the opportunity to finalise an attractive debt package best suited to its needs.

The strong response from lenders comes as the company prepares to complete the stage 2 feasibility study on Bellevue this quarter.

The study will consider expanding processing capacity from 750,000 tonnes a year to 1 million tonnes a year as part of a strategy which would grow the production rate and increase project economics for minimal extra capital cost.

It will be based on Bellevue’s recently increased resource of 9.4mt at 9 grams per tonne for 3moz, including indicated resources of 3.9mt at 11g/t for 1.4moz.

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