Citigold raises A$50 million in Chinese investment for Charters Towers
- Publishing Date
- 23 Jan 2012 2:43pm GMT
- Author
- Mining Journal
ASX-listed gold producer Citigold Corp Ltd has announced the raising of A$50 million (US$52.6 million) to fund development at its Charter Towers goldfield.
The company secured the investment from Reignwood International Investment Company Ltd, a China-based investment firm with interests in beverages, hospitality services, energy and property. The deal would take the form of a subscription for 19.9% of stock in Citigold, worth A$24.66 million, and the issue of an A$25 million note convertible into Citigold shares.
The managing director of Citigold, Mark Lynch, said “We have spent considerable time and effort understanding the orebody at Charters Towers, and this funding gives us the catalyst to successfully exploit it.”
The company said that the funds would be used to extend operations at the project, including the re-commissioning of the Central Mine. Charters Towers is among Australia’s largest gold deposits, holding combined JORC-compliant resources of 10Moz (23Mt at 14g/t).
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