Thor Explorations and its wholly owned local subsidiary, Segilola Resources Operating Limited announced that it has secured full funding for the Segilola Gold Project- Nigeria’s first large-scale gold mine.
The financing package, totalling nearly $104.5 million, comes mainly from the Africa Finance Corporation (AFC). The funding of $54 million will be by way of senior secured credit facility. In addition, AFC will also contribute additional $212 million through a stream agreement.
It has been decided to commence the construction works in strict adherence to the covid-19 procedures set out by the Osun state government and the country’s Ministry of Mines and Steel Development. The company expects to produce first gold at the commercial mine facility during the second quarter of 2021.
Segun Lawson, President and chief operating officer, Thor Explorations noted that the company has achieved a major milestone by closing the financings. The net proceeds from the financings will form the major component of the capital cost and working capital requirements to construct the project, he added.
Further to achieving full funding, Thor announced appointment of Mr. Oliver Andrews as a Non-Executive Director to its board as AFC nominee.