EMR Capital and Golden Energy and Resources (SGX:AUE) have agreed to comprehensively refinance borrowings and financial liabilities at the Ravenswood Gold Mine, 130km southwest of Townsville in North Queensland.
The undisclosed amount includes hedge obligations, with partners also producing a detailed debt management plan. Investors, lenders, and hedge counterparties will all help repay amounts owed by the operation before 15 June 2026.
EMR and Golden Energy took ownership of the mine in 2020 and subsequently made ‘significant capital expenditure’ on plant, equipment, and mine and processing infrastructure.
Ravenswood is considered Queensland’s largest gold producer, employing 400 people, producing 10,000 ounces of gold per month, and targeting 200,000 oz by the end of 2026, with a lifespan of more than 10 years.
The operation also holds an ore reserve of 2.8 million ounces (Moz) and gold mineral resources of 4.7 Moz.
EMR Capital manages various funds and owns and operates mines, with a total enterprise value exceeding US$5 billion ($6.9 billion).
Golden Energy and Resources is a globally diversified energy and resources company with Australian assets across New South Wales and Queensland.
Write to Richard Szabo at Mining.com.au
Images: Ravenswood Gold
