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NQ Minerals Plc has signed a US$55 million loan facility with ING Bank N.V. to refinance existing project debt at its Hellyer Gold Mine in Tasmania. The financing will allow for the immediate retirement of project debt maturing in 2020. The 6-year facility includes provisions for monthly repayments starting in August 2021 and has a cash sweep mechanism for potential early repayments. An initial interest rate of Libor plus 6.5% is expected to save approximately US$3.4 million annually in interest costs. Hellyer has also secured marketing agreements for its metal concentrates.
NQ Minerals Plc (OTCQB:NQMLF, NQMIY) has reported strong production performance from its Hellyer Gold Mine for Q3 2020, with lead concentrate production increasing by 35% quarter-over-quarter and 78% year-over-year. The zinc concentrate production rose 8% from Q2 and 38% from Q3 2019. Unaudited net revenue reached A$19.1 million, with a gross profit of A$10.7 million. The company is also enhancing processing capacity to 180 tonnes per hour, aiming for a significant output increase.
NQ Minerals Plc plans to resume exploration at the Hellyer Project after a decade-long hiatus. The Hellyer site, previously a high-grade lead-zinc mine, produced 16.5 million tonnes of ore between 1986 and 2000. Currently, NQ is reclaiming tailings at a rate of over 1.2 million tonnes per annum. Recent analysis has identified four high-priority exploration targets, leveraging advanced geophysical techniques to enhance mineral discovery potential. The plan is to commence follow-up exploration in Australian Spring 2020, with the aim of extending the mine's operational lifespan.
NQ Minerals announces promising results from extensive surface stockpiles at the Beaconsfield Gold Mine in Tasmania, indicating an average gold grade of 3.2 grams per tonne. The company is refurbishing its gold processing plant with plans to reopen operations soon. Initial sampling from 80,000 tonnes of surveyed stockpiles shows potential for significant gold recovery. Metallurgical tests indicate a recovery rate of 83%-90% with short processing times. The Beaconsfield mine historically produced around 1.8 million ounces of gold, reinforcing its potential value.
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