$117.5M package underwrites Kryso’s Tajikistan gold project
28th May 2012
LONDON. May 25 – A $US117.5M loan/equity package has underwritten the development of Kryso Resources’ Pakrut gold project in Tajikistan, planned for production in the second half of 2013.
The package from Kryso’s largest shareholder China Nonferrous Metals International Mining Co includes a $93.5M secured loan facility and the exercise of 73.3M warrants at 21p, adding $24M in equity and increasing its shareholding from 26% to 41%.
The deal impresses Investec Securities, which maintains its buy recommendation, but has dropped its target price from 48p to 42p.
The investment bank has delayed its assumption of a production start-up from the second half of 2013 to early 2014 and applied higher costs, reflecting the current inflationary environment as production reaches 85,000oz pa.
The start up delay is put down to an approximate 18 month underground development program and that the financing has taken longer than originally expected, pushing back commercial production to the start of 2014 with earnings moved back commensurately.
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