Bardoc Gold has progressed its mid-tier aspirations after forming an agreement with MRI Trading AG to acquire the Bardoc project near Kalgoorlie in Western Australia.
The company stated in its December 2020 quarterly report that acquisition, which makes up around 50 per cent of the total forecast life-of-mine gold production, will de-risk its development pathway.
Bardoc chief executive officer Robert Ryan said the December quarter demonstrated that the company is advancing towards becoming a mid-tier gold producer.
“A key highlight of the quarter was the announcement in December that we had secured a binding off-take agreement with leading global minerals trader, MRI Trading AG, for the gold concentrate to be produced in the later years of our operations,” he said.
“This represents a significant de-risking milestone for the project and provides a solid foundation for our debt funding strategy.
“MRI has an enormous depth of experience in the global mining commodities market – both with customers and financial institutions – and we’re very pleased to have them on board as a committed customer for our future gold concentrate production, which accounts for approximately half of the forecast life-of-mine output from the Bardoc Project.”
The company is also gearing up to deliver its definitive feasibility study at Bardoc in late March 2021.
Bardoc Gold held a cash reserve of $22.85 million at the end of the December 2020 quarter.