11.33AM: A US based mineral finance company has placed a $10 million stake in plans for a molybdenum, copper and silver mine near Corryong.
Red Kite will invest $5.3 million into the project initially and has further options for $4.7 million in the project.
The investment group provides mining companies with project financing and metal off-take agreements for initiation or expansion of mine production and is part of the Red Kite group.
Red Kite operates across the global metals industry from offices in Bermuda, Denver, Hong Kong, London, New York, Shanghai and Sydney.
“Dart Mining has worked closely with Red Kite through a detailed due diligence process which involved a site visit by Red Kite’s investment team and its appointed experts, Dart Mining’s managing director Lindsay Ward said.
The due diligence included a thorough review of the mining methodology, plant design, geological model, environmental impacts and the financial assumptions underpinning the Unicorn scoping study.”
“Red Kite’s agreement to make a substantial investment in two tranches is a real vote of confidence in the Unicorn Project.
“It will not only enable Dart Mining to accelerate the feasibility and approvals process, but it also sends a strong message to other potential Unicorn cornerstone investors and off-take partners that will be needed as Dart Mining moves forward with the project.”