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