Australian gold firm Troy Resources Limited will have to obtain political risk insurance before it is able to access another tranche of a loan to develop its gold mine at Kaburi in Region Seven.
In a statement, the company announced that it has received notification from Investec Bank Plc that “Tranche B” of the A$100 million Revolving Corporate Facility (RCF) announced in April this year has been approved by Investec’s Credit Committee. Tranche B comprises funding of A$30 million (approximately US$24.7 million) for the construction and development of Troy’s Karouni Project in Guyana and is in addition to the A$70 million (US$57.7 million) previously provided in “Tranche A,” the company said.
It said that the approval follows the conclusion of a successful
