Harte Gold’s Sugar Zone mine attracts second bidder

Harte Gold reported in Might that it was unable to pay its debt obligations and that it will want to boost funds earlier than the top of the yr to proceed operating the operation. It additionally engaged in a strategic assessment course of.

Stalking-horse bid

As a part of a court-approved course of, Silver Lake submitted a stalking-horse bid (used to ascertain a baseline worth for the belongings) in December. Different events had till Jan. 14 to submit a greater supply. The opposite bidder has not been revealed. 

Manufacturing at Sugar Zone, 30 km north of White River, started in 2019. At the start of 2021, administration anticipated the underground mine to supply 60,000 to 65,000 oz. for the yr. The corporate was additionally contemplating increasing the mine to 1,200 t/d from 800 t/d. 

Steerage was revised downward in Might to 50,000 to 55,000 oz. gold. Over the primary three quarters of 2021, the mine’s precise manufacturing was 38,319 oz. gold. 

For extra data go to Harte Gold’s web site or the court docket monitor’s web site.

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Written by colin


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