THE BOURSE WHISPERER: Two more companies have taken advantage of the Western Australian Government’s Mining Rehabilitation Fund.
Blackham Resources’ (ASX: BLK) 100 per cent-owned subsidiary Kimba Resources has applied for early entry into the Western Australia Mining Rehabilitation Fund and as a result the Department of Mines and Petroleum has agreed to refund the $2.239 million in bonds on Blackham’s Matilda gold project.
Under Blackham’s agreement to purchase 100 per cent of Kimba, the Blackham Group was required to replace the bonds and take on the rehabilitation liability for the Matilda gold project.
Kimba was required to pay $2.239 million in environmental bonds on the transfer of the mining leases from the previous owner, Wiluna Exploration to Kimba.
The mining lease transfers are still being processed but the bonds have now been refunded to Wiluna Exploration further strengthening the Blackham Group’s working capital position.
Norton Gold Fields (ASX: NGF) announced it has opted in to the Western Australian Department of Mines and Petroleum’s Mining Rehabilitation Fund, allowing the return of $21.8 million in environmental bonds to date.
Norton said the returned funds have further strengthened its cash position and will enable it to fund future growth opportunities to support the company’s Vision of becoming a leading long-term gold producer.
Norton has taken the opportunity to be an early contributor to the MRF and has so far paid approximately $700,000 as the annual premium for the company’s participation in the scheme.
A further $1.5 million in bonds is still to be retired.
“We continually seek opportunities to reduce our environmental footprint and make our business sustainable for the long term,” Norton Gold Fields CEO Dianmin Chen said.
“The retirement of these bonds is testament to Norton’s work in this area.”