News
02 December 2020
Thor announces financial close of Segilola Gold Project finance facility
In:
Mining
Region:
Middle East & Africa, Americas
Canada-based Thor Explorations subsidiary Segilola Resources Operating Limited has completed the financial closing of the $54 million project finance senior debt facility from the Africa Finance Corporation for the construction of the Segilola Gold Project, in Nigeria.
Following the closing, Segilola Resources received a disbursement of $21.5 million, representing 40% of the facility. Thor holds a 100% interest in the project, located in Osun State.
The drawdown coincides with the arrival of the first shipments of equipment at Lagos port and the shipping of the SAG and Ball mills from China under the LSTK EPC contract with Norinco International.
