JOHANNESBURG – The winner of the 2018 Mining Indaba "investment battlefield" competition, Thor Explorations, has received approval from the Africa Finance Corporation for a US$78 million financing package for the construction and ramp-up of its 100 percent owned Segilola gold project in Nigeria.
Thor Explorations' chief executive Segun Lawson pitched the project to a panel of judges at the competition on the sidelines of an annual Africa mining investment conference in Cape Town.
"This is a significant milestone for Thor and for the mining sector of Nigeria. The total finance capital requirement for the project is US$87.5 million and the AFC have put in the bulk of the required financing," Lawson said in a statement on Thursday.
"Not only have they put in debt, they have put down a $9 million pre-payment on 4.4 percent of the gold and US$15 million in equity, meaning that they are becoming both a lender and a long-term shareholder. We are very excited about having them on board."
A small company with a lean team, Thor Explorations had up to this point focused on advancing the company’s projects without doing much marketing.