METS

Emerald appoints MACA as miner

First gold expected second quarter next year

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The project entails a large open cut mine with the MACA contract worth US$230 million over seven years.

The plan is for mobilisation to start in August and pre-production mining in October.

MACA's appointment follows Emerald signing a credit agreement with Sprott earlier this week for a $60 million debt facility.

Okvau is forecast to produce an average of 106,000 ounces at all-in sustaining costs of $754/oz.

Emerald launched a two-tranche A$75 million equity raising in late January that's pricing new shares a 4c each.

Shareholder approval for the second tranche is being sought today, with Emerald also planning a 1-for-10 share consolidation for the circa 4 billion shares it has on issue.

Shares in Emerald were at 3.8c in midday trade, capitalising the company at $115 million.

 

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