Tigers Realm Coal (TIG) has provided an operations update for Project F, part of its larger Amaam coal project in Russia and has reported that the company has completed a transaction to obtain a working capital loan from Sberbank (Russia).
At Project F, the company has completed its planned works on pit infrastructure and the haulage road, and mining and coal haulage to the port has recommenced.
The haulage road construction recommenced in the second half of October, and was completed in early December. These works were required to further improve trucking conditions during both the winter and the spring thaw.The work included the installation of remaining road-side and under-road drainage, straightening, filling and and/or cutting of some sections to improve visibility and gradient; additional topping of some sections with gravel; and the installation of road markers and signs.
The port transshipment operation for 2017 stopped in early November with 165kt shipped. The company’s first year of production and sales have met its strategic objectives with two trial cargos of semi-soft coking coal sold into Japan and China, and thermal coal sold into China, Taiwan and some for the Chukoyka regional market.Working Capital Facility
TIG’s Russian subsidiary Beringpromugol has signed an agreement with the Moscow branch of Sberbank to receive a Russian Rouble (RUB) denominated loan totalling RUB600 million (US$10.3 million). The purpose of the facility is to support TIG’s OPEX and CAPEX prior to next revenue from sales, expected in July 2018.
Key terms of the facility are as follows:
- Drawdown from December 2017 through August 2018,
- repayment in instalments from August 2018, and
- covenants and security typical for this type of facility.
Read the article online at: https://www.worldcoal.com/exploration-and-development/04012018/amaam-coal-project-operations-update/