Bardoc has moved towards its mid-tier objectives to acquire the Bardoc project near Kalgoorlie in Western Australia. This move is after forming an agreement with MRI Trading AG
Acquisition is said to de-risk its development pathway. This is because it makes up around 50 per cent of the total forecast life-of-mine gold production.
Bardoc’s December quarter has shown that they are on their way to becoming a mid-tier gold producer.
“A key highlight of the quarter was the December announcement that we had secured a binding off-take agreement. This is with leading global minerals trader, MRI Trading AG, for the gold concentrate to be produced in the later years of our operations,” Robert Ryan, Bardoc chief executive officer.
“This represents a significant de-risking milestone for the project and provides a solid foundation for our debt funding strategy.
“MRI has an enormous depth of experience in the global mining commodities market. Both with customers and financial institutions. We’re very pleased to have them on board as a committed customer for our future gold concentrate production. This accounts for approximately half of the forecast life-of-mine output from the Bardoc Project.”
At the end of the December 2020 quarter, Bardoc Gold held a cash reserve of $22.85 million.