million financing package to kickstart development at its 100 percent–owned Oko West Gold Mine in Region Seven (Cuyuni-Mazaruni). The project holds an estimated 5.4 million ounces of gold. The company explained that the financing packaging which could total up to US$537.5 million provides the corporation with the financial flexibility to advance the development and construction of its 100%-owned Oko West Gold Project in Guyana.

The financing package is anchored by an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$350 million, with an accordion feature for an additional US$150 million available post-closing, which is subject to customary conditions. It was disclosed that the syndicate is led by National Bank Capital Markets and Macquarie Bank Limited as joint bookrunners and co-lead arrangers, with participation from Bank of Montreal, ING Capital LLC, Royal Bank of Canada, Citibank and CIBC.

Moreover, GMIN also announced that Komatsu Finance Chile S.A., a subsidiary of global equipment leader Komatsu Ltd., and GMIN Ventures Guyana Inc., an indirect wholly owned subsidiary of GMIN, executed a Master Loan and Security Agreement (MLSA) to finance the procurement of mining and construction equipment for the development of the project. Notably, under the terms of the MLSA, Komatsu Finance will provide financing through multiple equipment notes with a total principal amount not to exceed US$37.5 million. “With these financing arrangements in place, together with strong cash flow from the Tocantinzinho Mine, we now have the financial resources required to bring Oko West into production,” said Julie Lafleur, VP Finance & Chief Financial Officer.

Lafleur added: “This entirely non-dilutive package increases financial capacity, provides additional flexibility, and reflects the confidence of National Bank, Macquarie, Komatsu Finance and the broader syndicate in our ability to deliver. We remain focused on disciplined capital allocation and advancing Oko West responsibly, on schedule, and within budget to generate meaningful value for all stakeholders.” (Kaieteur News)