TSX-listed Thor Explorations has received a commitment from Norinco International Cooperation for 10% financing of the lump-sum turnkey EPC contract value awarded to Norinco Interntaional for the development of the Segilola gold project in Nigeria.
This follows the announcement of Investment Committee approval for US$78 million of funding from the Africa Finance Corporation.
The financing is subject to the execution of the LSTK EPC Contract, mutually satisfactory documentation and completion of legal due diligence, which are expected to be completed in May 2019.
Segun Lawson, President & CEO of Thor Explorations, states:
“Norinco International has supported Thor throughout the Definitive Feasibility Study process and this financial commitement to advancing the Segilola Project demonstrates both Norinco International’s confidence in its ability to deliver the construction of the project at a fixed price under the LSTK EPC Contract and the economic robustness of the underlying project.
“We are very pleased with the partnership that has developed with Norinco International and look forward to jointly implementing the Segilola Project build.”
- Segilola Project funding approvals increased to US$84.5 million
- Commitment to fund 10% of US$65 million LSTK EPC Contract from Norinco International
- Extends Norinco International’s partnership with Thor and Norinco International’s commitment to the delivery of the Segilola Project
- Thor to proceed with LSTK EPC Contract finalisation and start of construction works with first production targeted within 18 months of LSTK EPC contract commencement