{"id":11609,"date":"2024-06-28T04:06:01","date_gmt":"2024-06-28T04:06:01","guid":{"rendered":"https:\/\/economicherald.net\/?p=11609"},"modified":"2024-06-28T04:06:01","modified_gmt":"2024-06-28T04:06:01","slug":"de-grey-about-to-lock-in-debt-funding-for-world-class-hemi-gold-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11609","title":{"rendered":"De Grey about to lock in debt funding for world class Hemi gold project"},"content":{"rendered":"<p>Credit approved terms secured for $1bn in debt funding from domestic and international finance institutions for development of Hemi<br \/>\nAn additional $130m cost overrun facility also included<br \/>\nDebt funding will complete financing for a future top-5 Australian gold mine<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report<\/em><\/strong><strong>: De Grey Mining has received credit approved terms for $1.13 billion in debt facilities from commercial banks to round out financing the development of its +10Moz Hemi gold deposit.<\/strong><\/p>\n<p>It includes a $1bn senior debt facility and additional $130m cost overrun facility and will bankroll the Hemi project\u2019s construction once finalised along with <a href=\"https:\/\/stockhead.com.au\/company\/de-grey-mining-deg\/\">De Grey Mining\u2019s (ASX:DEG)<\/a> existing cash balance of +$850m.<\/p>\n<p>On top of this, government credit agencies \u2013 the Northern Australia Infrastructure Facility and Export Finance Australia \u2013 are in the final stages of considering their participation in the lending syndicate.<\/p>\n<p>\u201cWe have reached another significant corporate milestone as we move closer to the commencement of construction of Hemi,\u201d DEG CFO Peter Canterbury says.<\/p>\n<p>\u201cWe look forward to moving ahead with our lender group and finalising documentation over the coming months to achieve the targeted $1bn senior debt facility in the second half of 2024.<\/p>\n<p>\u201cCombined with our existing cash reserves exceeding $850m following our recent $600m equity raising, the proposed debt package is expected to fully finance the development of Hemi and brings us closer to a final investment decision once we receive environmental approvals for commencement of project construction.\u201d<\/p>\n<p>The funding marks a key milestone for De Grey, which is looking to bring arguably the best Australian gold discovery this century to fruition, with orders of long lead items continuing.<\/p>\n<p>Development will kick off following a final investment decision that is now only hinging on the required environmental approvals.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Latest developments<\/strong><\/h2>\n<p>A definitive feasibility study for Hemi last year suggested the mine will produce 530,000oz of gold a year over its first decade, though that only includes initial open pit resources whilst DEG is still exploring in and around the existing resource.<\/p>\n<p>Once constructed and ramped up, it will comfortably rank within Australia\u2019s five largest gold mines.<\/p>\n<p>A map of the plan at Hemi, showing the Falcon and Diucon deposits. Pic via DEG<\/p>\n<p>Recent extensional <a href=\"https:\/\/stockhead.com.au\/resources\/de-grey-minings-eagle-deposit-could-add-upside-to-hemi-gold-project-dfs\/\"><strong>drill results from the Eagle and Diucon deposits<\/strong><\/a> have struck more high-grade gold, including a best hit of 20.4m at 4.0g\/t Au including 0.9m at 19.0g\/t Au and 0.7m at 79.7g\/t Au at Eagle.<\/p>\n<p>Shallow drilling at Diucon showed 2.5m at 3g\/t Au from 383.4m and 4m at 1.6g\/t Au from 429m.<\/p>\n<p>The gold developer says in addition to potential resource increases, deeper drilling at Hemi will support conceptual studies into potential underground mining in the future.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with De Grey Mining, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/de-grey-about-to-lock-in-debt-funding-for-world-class-hemi-gold-project\/\">De Grey about to lock in debt funding for world class Hemi gold project<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Credit approved terms secured for $1bn in debt funding from domestic and international finance institutions for development of Hemi An additional $130m cost overrun facility <a href=\"https:\/\/economicherald.net\/?p=11609\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":11610,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>De Grey about to lock in debt funding for world class Hemi gold project - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=11609\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"De Grey about to lock in debt funding for world class Hemi gold project - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"Credit approved terms secured for $1bn in debt funding from domestic and international finance institutions for development of Hemi An additional $130m cost overrun facility [more...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicherald.net\/?p=11609\" \/>\n<meta property=\"og:site_name\" content=\"Economic Herald\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T04:06:01+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"De Grey about to lock in debt funding for world class Hemi gold project\",\"datePublished\":\"2024-06-28T04:06:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609\"},\"wordCount\":513,\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DEG-image-3-1-zcrK1J.jpeg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609\",\"url\":\"https:\\\/\\\/economicherald.net\\\/?p=11609\",\"name\":\"De Grey about to lock in debt funding for world class Hemi gold project - Economic Herald\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DEG-image-3-1-zcrK1J.jpeg\",\"datePublished\":\"2024-06-28T04:06:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=11609\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#primaryimage\",\"url\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DEG-image-3-1-zcrK1J.jpeg\",\"contentUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DEG-image-3-1-zcrK1J.jpeg\",\"width\":1200,\"height\":675},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=11609#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/economicherald.net\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"De Grey about to lock in debt funding for world class Hemi gold project\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#website\",\"url\":\"https:\\\/\\\/economicherald.net\\\/\",\"name\":\"Economic Herald\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/economicherald.net\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\",\"name\":\"Economic Herald\",\"url\":\"https:\\\/\\\/economicherald.net\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/cropped-cropped-economicheraldlogo-1.png\",\"contentUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/cropped-cropped-economicheraldlogo-1.png\",\"width\":850,\"height\":760,\"caption\":\"Economic Herald\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"De Grey about to lock in debt funding for world class Hemi gold project - Economic Herald","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/economicherald.net\/?p=11609","og_locale":"en_US","og_type":"article","og_title":"De Grey about to lock in debt funding for world class Hemi gold project - Economic Herald","og_description":"Credit approved terms secured for $1bn in debt funding from domestic and international finance institutions for development of Hemi An additional $130m cost overrun facility [more...]","og_url":"https:\/\/economicherald.net\/?p=11609","og_site_name":"Economic Herald","article_published_time":"2024-06-28T04:06:01+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/economicherald.net\/?p=11609#article","isPartOf":{"@id":"https:\/\/economicherald.net\/?p=11609"},"author":{"name":"","@id":""},"headline":"De Grey about to lock in debt funding for world class Hemi gold project","datePublished":"2024-06-28T04:06:01+00:00","mainEntityOfPage":{"@id":"https:\/\/economicherald.net\/?p=11609"},"wordCount":513,"publisher":{"@id":"https:\/\/economicherald.net\/#organization"},"image":{"@id":"https:\/\/economicherald.net\/?p=11609#primaryimage"},"thumbnailUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/06\/DEG-image-3-1-zcrK1J.jpeg","articleSection":["Finance"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/economicherald.net\/?p=11609","url":"https:\/\/economicherald.net\/?p=11609","name":"De Grey about to lock in debt funding for world class Hemi gold project - Economic Herald","isPartOf":{"@id":"https:\/\/economicherald.net\/#website"},"primaryImageOfPage":{"@id":"https:\/\/economicherald.net\/?p=11609#primaryimage"},"image":{"@id":"https:\/\/economicherald.net\/?p=11609#primaryimage"},"thumbnailUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/06\/DEG-image-3-1-zcrK1J.jpeg","datePublished":"2024-06-28T04:06:01+00:00","breadcrumb":{"@id":"https:\/\/economicherald.net\/?p=11609#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/economicherald.net\/?p=11609"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/economicherald.net\/?p=11609#primaryimage","url":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/06\/DEG-image-3-1-zcrK1J.jpeg","contentUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/06\/DEG-image-3-1-zcrK1J.jpeg","width":1200,"height":675},{"@type":"BreadcrumbList","@id":"https:\/\/economicherald.net\/?p=11609#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/economicherald.net\/"},{"@type":"ListItem","position":2,"name":"De Grey about to lock in debt funding for world class Hemi gold project"}]},{"@type":"WebSite","@id":"https:\/\/economicherald.net\/#website","url":"https:\/\/economicherald.net\/","name":"Economic Herald","description":"","publisher":{"@id":"https:\/\/economicherald.net\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/economicherald.net\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/economicherald.net\/#organization","name":"Economic Herald","url":"https:\/\/economicherald.net\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/economicherald.net\/#\/schema\/logo\/image\/","url":"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/10\/cropped-cropped-economicheraldlogo-1.png","contentUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/10\/cropped-cropped-economicheraldlogo-1.png","width":850,"height":760,"caption":"Economic Herald"},"image":{"@id":"https:\/\/economicherald.net\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts\/11609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11609"}],"version-history":[{"count":0,"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts\/11609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/media\/11610"}],"wp:attachment":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}