Galane secures loan deal with Samsung

Mupane Mine
Mupane Mine

Canadian firm, Galane Gold has entered into a secured $5 million (P44 million) loan facility and gold prepayment agreement with Samsung C&T U.K. Limited.

In a statement released to the Botswana Stock Exchange, the company said Samsung has agreed, subject to certain conditions, to provide the loan facility to Galane Gold in return for the sale and delivery by the company’s Botswana operating subsidiary, Mupane Gold.

Under the agreement, Galane will provide a minimum of 1,607 ounces of gold per month for a period of two years payable by Samsung at a fixed discount rate to the then prevailing spot price upon delivery.

Editor's Comment
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