Havilah repays Portia development loan

HAVILAH Resource has repaid a loan facility provided by Investec Group for the development of its Portia gold mine four months ahead of its due date of March 23.

Havilah repays Portia development loan Havilah repays Portia development loan Havilah repays Portia development loan Havilah repays Portia development loan Havilah repays Portia development loan

Havilah drew down $A4 million of a $6 million loan facility during construction of the Portia processing plant and ramp up to first gold production, at the mine, located in north-eastern South Australia.

The company repaid $500,000 of the loan facility in July and another $1.5 million throughout August, cutting its debt to $2 million at that stage.

Havilah managing director Chris Giles said the deal meant Havilah would be entering 2017 debt-free, enabling it to build cash reserves on the back of gold production from Portia, at which production started in May.

“We are very grateful to Investec for its support over the past 14 months, in providing us with the funds to construct the processing plan...