Challenger Gold Limited (ASX: CEL) Achieves Toll Milling Milestone
Funding Secured
Challenger Gold Limited (ASX: CEL) has announced an important milestone in its toll milling operations with the successful financing of US$7 million. This funding, arranged by Austral Gold Limited’s subsidiary, Casposo Argentina Mining Ltd., will refurbish the Casposo Plant to process material from CEL’s Hualilan Project.
Loan Details
The financing will be allocated as follows. An initial disbursement of US$1.5 million will occur within five business days of signing, followed by US$2.5 million within 60 to 75 days after signing. Further disbursements totalling US$3 million will occur at intervals of 30 to 45 days. This secured loan from Banco San Juan S.A. carries an interest rate of 8% per annum and has a term of 24 months.
Refurbishment Costs
An independent audit previously estimated refurbishment costs for the Casposo Plant at US$4 million, confirming the viability of this financing to meet operational needs and capital expenditures.
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