In this interview with Proactive Investors, Aneel Waraich, our EVP & Director shares details on a significant development for Steppe. We’ve signed a binding term sheet, securing up to $150 million in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine.

The financing will be provided in multiple stages, with an initial $50 million loan designated for ordering equipment and long lead items. The payback period for the financing will commence upon the completion of the Phase 2 Expansion, coinciding with the first concentrate production and sales from Phase 2, which are expected to occur in 2025.

Steppe anticipates generating total gross revenue of $2.2 billion over the next 14 years, encompassing both the current oxide phase and the Phase 2 Expansion. This financing agreement ensures the company’s financial stability and positions them for continued growth and success in the gold mining industry.

This project will create ~ 300 new jobs during the construction and operation phases, and has received full support from local communities and all stakeholders, fostering a collaborative and sustainable approach.

Learn more: steppegold.com
#mining #investing #Mongolia #gold

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