Aureus Mining raises 26bn dollars to fund New Liberty development

15th Apr 2014 14:54

Liberia-focused gold miner Aureus Mining has raised a total of 26bn dollars (15.6m dollars) to fund the development of its New Liberty gold deposit.The company is to raise proceeds of $15m through an underwriting placing and a further $11.1m from an investment from International Finance Corporation (IFC), the private sector arm of the World Bank Group."The funds raised through the offering give Aureus a robust balance sheet as we draw down on our project finance facilities for the completion of the construction of New Liberty as well as allowing us comfort in accessing the additional cost overrun facility should it be required," said David Reading, President and Chief Executive Officer of Aureus. Reading said that the construction of New Liberty remains on budget and on schedule to start production in the first quarter of 2015.The share price was down 8.3% at 27.06p by 14:59 on Tuesday.BC