Havilah Resources Ltd (ASX:HAV) gold production success at the Portia Gold Mine northwest of Broken Hill, is allowing the company to reduce its debts.
Havilah has now made its first debt repayment of $0.5 million on the Investec Group Loan Facility, with the outstanding reduced to $3.5 million.
The company has outlined a series of additional payments are planned in August based on bullion that is currently being refined.
With the construction of the Portia Gold Mine processing plant and the ramp up to the first production of gold the company drew down $4 million of the $6 million facility.
This repayment is made five months before the first scheduled repayment is due.
Dr Chris Giles, managing director, commented:
“We are very grateful to Investec for its support over the last 12 months, which provided us with the funds to construct the processing plant.
“This first repayment, well before it is due, represents the achievement of yet another milestone.
“Production of gold has ramped up over the last few weeks and we recently had a 40 kg gold pour in a single day which has allowed Havilah to commence repayment of its modest debt much earlier than anticipated.”
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