Lydian International Inc (TSE:LYD) is steaming ahead with the construction of its huge Amulsar gold mine in Armenia - and has now got its hands on a US$25mln first advance from its loan with Orion and Resource Capital Fund.
The loan has been revised to provide immediate funding of $25mln in a first advance and a second of $25mln by August 15 this year.
Lydian continues to expect first gold production in mid-2018.
"We are very pleased to receive this funding during the peak of our construction season," said Howard Stevenson, the president and chief executive at Lydian.
"Our treasury remains strong with more than $75 million total cash on hand.
"We appreciate the ongoing support of Orion and RCF."
Last month, Lydian said the project was on schedule and budget, with 58% of initial capital now spent.
As of the end of May this year, project commitments totalled $213 mln.
Access roads are now complete, while site earthworks continues to be the priority.
Work is complete on the adsorption desorption refining (ADR) plant platform, the construction warehouse platform, and the heap leach facility (HLF) temporary sediment dam.
Work had also kicked off on the platform for the crushing and screening plant and in other areas at higher elevations.
Machinery giant Caterpillar (NYSE:CAT) is ahead of schedule in producing the primary mine mobile equipment, and initial deliveries are expected to begin in late July.
The mining fleet for Amulsar will include, among other things, 19 Caterpillar 789D 180-tonne-capacity haul trucks, one 994 front-end loader and two 6040 hydraulic shovels. A training simulator has been purchased to train operators.
For the rest of 2017, Lydian had said it expects to achieve the following significant milestones:
Complete major earthworks for the HLF, mine haul road and barren rock storage facility
Complete civils for all components of site infrastructure and equipment
Erect buildings for the material handling system and the ADR plant
Fabrication and delivery to site of major components of mechanical and electrical equipment
Commence installation of mechanical and electrical equipment
Fabrication, delivery to site and assembly of the mine mobile fleet
Finalize biodiversity offset boundaries
Hiring and training of staff for mine operations and the processing plant
The cost of the Amulsar gold project has been estimated at US$369.9 million, so the project is well on its way now.