Aureus Mining receives first US$15mln from MNG Gold

757z468_shutterstock_249210421-(1)The US$15mln will fund the restart of processing at the New Liberty mine in Liberia

Aureus Mining (LON:AUE TSX: AUE) has received the first tranche of a US$30mln finance package from Turkish conglomerate MNG Gold.

The US$15mln will fund the restart of processing at the New Liberty mine in Liberia following the recent approval of remedial work to the tailings circuit.

A second US$15mln tranche requires clearance from the Toronto Stock Exchange.

MNG Gold will hold a majority stake of 55% in Aureus once the shares for both tranches are issued.

Chief executive David Reading is to stand down, with a new management team from MNG comprising Serhan Umurhan as chief executive and Geoff Eyre as chief financial officer. READ MORE OF THIS STORY

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About Cholo Brooks 15568 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.