Interview with Paul Begin, CFO of Continental Gold (TSX: CNL)
Continental Gold is a Colombian based company, Gold mining company and we focus on high grade assets. We're focusing on building our flagship asset called Buritica which is located about a two hour drive from Medellín. It's a high-grade multi-million ounce deposit that's on the verge of nearing commercial production.
We have three very strong and supportive partners. 1. First and foremost, is Newmont Mining. Newmont initially came in 2017, when they paid $109M for 19.9% equity stake in Continental. Newmont has been a great partner. I like to say they've got the greatest mining tool box in the world, that has been at our disposal since their investment in 2017. And they've been a big help in pressure testing various technical issues to make sure that we're going down the right path. They topped up their investment. They participated, and I would like to call them the anchor investment, in the deal that we announced in March of 2019. Where they took $50M OF A $175M deal, which was in the form of a convertible. 2. The next partner we have is Red Kite Mine Finance, which is our senior secured debt lender. They've provided $275M debt principal to us. They've been a great partner to work with. They're flexible. They think a little bit... a little out of the box. What we loved about Red Kite was we got flexible terms, very covenant light. But most importantly they were very quick to fund us. So if you go back again in our history, we received our environmental in 2016, late 2016. It was in everybody's interest that we get started on building the Buriticá project as soon as possible. And we were able to close the Red Kite Mine Finance secured debt in January 2017. And we had access to the funds immediately. So that allowed us to get going immediately and get local people to work.
Company page: https://www.continentalgold.com/en/
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