Image Sourced ShutterStock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Gold miners, Blackham, has received a $12 million loan from mining company MACA to fund working capital.
  • Blackham is looking to expand sulphide development and increase gold production at its WA based Wiluna mine
  • The company has previously received a $14.3 million loan from MACA which it is still paying back. MACA has a 19.33 per cent interest in Blackham

Gold miners, Blackham Resources, will receive up to $12 million from fellow publicly listed MACA. The money will be used to fund Blackham’s working capital.

Blackham are looking to progress with its sulphide development expansion at the Wiluna mine. Located in Western Australia, the development of the mine is expected to produce 120,000 ounces of gold over its increased lifespan.

Executive Chairman of Blackham Milan Jerkovic said MACA’s support will allow the company to continue to improve operational performance and cost reduction to reduce debt.

“The loan will also work to “unlock the large sulphide reserves and resources at Wiluna,” Milan said.

The plan of expansion at Wiluna includes planning shallow, near plant free-milling open pit mines, developing tailing storage capacity and having all works put in place to begin sulphide mining operations by 2020.

Blackham are expecting improved operational performance in the second half of the year. Therefore, it will depend less on MACA’s working capital loan.

The company previously received a $14.3 million loan from MACA, which is still being paid off.

Following the latest loan, Blackham has issued MACA 265 million shares in Blackham, giving MACA a 19.33 per cent interest in the company.

BLK by the numbers
More From The Market Online

Aquirian locks in purchase of 160Ktpa explosives plant to fuel WA mining demand

Mining services company Aquirian has announced its settlement of the purchase of a 160Ktpa ammonium nitrate…

Poor run for industrials sector helps sink Veris despite 3Y VIC gov contract win

Microcap stock Veris Limited was down -3.33% in line with a larger decline of -0.41% for…

Titomic shares jump 30% as Dutch Army buys up Cold Spray systems for Ukraine

The Dutch Army is buying ten metal manufacturing and repair stations, called Cold Spray Systems, from…

Electro Optic Sys raising $40M as geopolitical uncertainty bolsters growth strategy

Electro Optic Systems has announced it's raising $40M as "geopolitical uncertainty [creates] strong market conditions."