logo-loader
viewHavilah Resources Ltd

Havilah Resources Ltd's gold production success provides debt payments

au_havilah_resources_gold_recovery_on_the_wilfley_table_at_portia_358.jpg

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.”

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Havilah Resources Ltd

Price: 0.1 AUD

ASX:HAV
Market: ASX
Market Cap: $24.96 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Havilah Resources Ltd named herein, including the promotion by the Company of Havilah Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

A New Mining Force in South Australia

Shareholder Presentation, Perth; Dr Chris Giles, MD; 20 November 2015

on 4/3/16

2 min read