Quarterly Activities Report March 2011
During the quarter, Kentor Gold Limited (Kentor or the Company) prepared to proceed with the fullscale development of the low cost, high grade Andash Gold-Copper Project. On-site works are now expected to commence mid-year. Andash will transform Kentor into a gold-copper producer operating one of the lowest cost gold mines in the world.
Kentor accepted an offer of US$50M in debt finance from Macquarie Bank Limited. This followed a successful $65.2M equity raising in the previous quarter, providing more than sufficient financing to fund the estimated US$96M capital cost of developing Andash.
While the development of Andash remains Kentor’s priority, the Company announced, on 1 April 2011, an agreed off-market takeover offer for Jinka Minerals Limited. A public, unlisted Australian company with advanced gold and copper projects in Australia, Jinka offers Kentor a strong new growth option and geographic diversification outside central Asia.
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