Develop Global (ASX:DVP) has completed the documentation for a US$65 million ($101.55 million) loan facility with Trafigura, which paves the way for a final investment decision for the Woodlawn copper-zinc mine.
In August, Develop Global signed a term sheet with Trafigura for the loan facility and an offtake agreement.
Both companies have also executed a five-year offtake agreement for the production from Woodlawn, located in New South Wales, under which Trafigura will buy all of Woodlawn’s production.
Develop says it is on track for first concentrate production and cashflow at Woodlawn in the June quarter of 2025.
Ore production will begin in the March quarter of 2025, with mining teams due to start mobilising to site this month.
Meanwhile, Silver Mines (ASX:SVL) has completed a $25 million placement to progress the development of the Bowdens Silver Project in New South Wales.
The funds will be used predominantly for development consent approvals, engineering studies, and community and freehold purchases, including property purchases, water and biodiversity rights, and land access agreements.
Silver Mines adds that the funds will also go towards exploration across its Bara Creek prospect and the Tuena Project, as well as potential business development opportunities and general working capital.
Investors purchased shares issued at $0.092 per share, which represents a 9.6% discount to the five-day volume-weighted average price on 5 December 2024.
Petra Capital acted as sole lead manager and bookrunner to the placement.
The shares are expected to be settled on 16 December 2024.
VRX Silica (ASX:VRX) is also conducting a placement to raise $5 million to fund the development of the Arrowsmith North Silica Sand Project, ahead of anticipated environmental approvals.
Under the two-tranche placement, investors can purchase shares at $0.042, representing a 26.3% discount to the last closing price of $0.057 on 5 December.
Unified Capital Partners are acting as sole lead manager and bookrunner to the placement.
One of the company’s major shareholders, Sparta Invest, is intending to commit $2 million under the placement.
Lastly, Far East Gold (ASX:FEG) has received the second tranche of funding, totalling almost $3.5 million, from its strategic investor Xingye Gold Mining Company.
This news comes after Xingye Gold received all necessary Chinese regulatory approvals to release the tranche two funds.
Earlier this year, Far East conducted a three-tranche conditional share placement, in which Xingye agreed to pay $14 million to the company, taking its shareholding to 19.99%.
Xingye Gold is a wholly owned subsidiary of Inner Mongolia Xingye Silver and Tin Mining (SZE:000426).
Write to Aaliyah Rogan at Mining.com.au
Images: Develop Global
