THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) has gained its final approvals and funding commitment required to commence operations at the company’s 4.8 million ounce Matilda gold project in Western Australia.
The company has received approval for the amendment to the existing Wiluna Environmental License from the Department of Environment Regulation.
“The Department of Mining and Petroleum has now approved the Williamson Mine Mining Proposal,” Blackham Resources said in its ASX announcement.
“The DMP also recently approved the Matilda Mine and Wiluna Mining Proposals.
“Vegetation clearing permits have been received over the entire mine plan.
“The Department of Water has granted all the water extraction licenses over the project required to begin dewatering the Matilda pits.”
In other news Blackham also announced that as a result of receiving the above permits, Orion Mine Finance has confirmed the $23 million Project Facility is now available under the revised funding agreement.
Orion and Blackham have agreed to extend the expiry term on the $23 million Project Facility from 31 August 2018 to 28 February 2019, with repayments being matched to gold price and cash flow resulting from the project.
Blackham indicated it has lodged a drawdown notice for $15 million, which it expects to receive within 12 business days.
“Plant and infrastructure refurbishment is progressing well and remains on schedule,” the company said.
“Gold production from the Matilda gold project is on track for the September 2016 quarter.”