NRW Holdings Limited (ASX:NWH) has agreed to support Gascoyne Resources (ASX:GCY) through the provision of a $12 million loan facility. The loan provided to GNT Resources (GNT), a subsidiary of Gascoyne Resources, effectively extends payment terms to around 75 days. NWH won the mining contract is for open pit mining and drill and blast operations at the Dalgaranga project in December 2018. The facility and associated mining contract is secured by a subordinated general security agreement over the assets of GNT. The loan will be repaid through instalments during the second half of calendar 2019.
NRW Holdings (ASX: NWH) has agreed to support Gascoyne Resources (ASX: GCY) through the provision of a $12 million loan facility.
NRW holds the contract for mining works at Gascoyne’s Dalgaranga gold mine.
The NRW loan provided to Gascoyne effectively extends payment terms to circa 75 days.
The mining contract is for the open pit mining and drill and blast operations, the award of which was announced by NRW a year ago.
The loan from NRW, which will be used by Gascoyne to meet working capital requirements, will be repaid through instalments during the second half of calendar year 2019.
NRW has worked closely with Gascoyne on the Dalgaranga project to support operational priorities. The project teams are working together to ensure all aspects of the Dalgaranga project are focused on delivering a successful outcome.