MINING REFINING

West Wits Mining raises $1.5 million for Qala Shallows gold operations

Tue Aug 27 2024

West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) chairman Michael Quinert joins Proactive’s Tylah Tully to discuss a successful $1.5 million capital raise to advance the flagship Qala Shallows operations, within the Witwatersrand Basin Gold Project in South Africa.

As well as supporting the company’s transition to gold producer status, the funds will also cover consultant fees related to the due diligence process for bank funding, working capital, and corporate and offer costs.

Earlier this year, the South African Development Finance Institution (DFI) commenced due diligence for the Qala Shallows mine development, a crucial step in securing project funding. This is now substantially complete and the DFI is expected to proceed with its approval process within the current quarter. A commercial bank is also conducting its own due diligence, aiming to participate in a syndicated senior debt loan with the DFI.

Qala Shallows is set to begin operations soon and is projected to produce nearly one million ounces of gold over its 17-year lifespan, with an annual steady-state output exceeding 70,000 ounces at an operational cost below US$900 per ounce.

Source: https://www.proactiveinvestors.com.au