Posted On: 02/24/2013 2:23:23 PM
Post# of 4018
Why SIRG's permits are so important to getting the funding. Note the date of 2008 and it is now 2013 and Augusta still does not have their permits! The failure and delays in mining companies getting permitted has caused this type of funding to dry up. Get the permits - then get the funds!
30th April 2008 - Vancouver-based Augusta Resource Corp has decided it will sell 45% of the payable silver to be produced at its Rosemont copper mine to reseller Silver Wheaton, for an upfront cash payment of $165-million.
The upfront payment will be made on a drawdown basis, to fund construction of the mine “as milestones are achieved” , Silver Wheaton said in a statement.
The companies said in December last year that Silver Wheaton had agreed to buy between 45% and 90% of the life-of-mine silver produced at the Rosemont mine, in Arizona, US, although at the time Augusta was still to decide on the exact percentage.
The deal, expected to be completed in June, is conditional on Augusta receiving the necessary permits to build and operate the mine, and securing the balance of the funds that it needs for the project.
http://www.miningweekly.com/article/silver-wh...30
The upfront payment will be made on a drawdown basis, to fund construction of the mine “as milestones are achieved” , Silver Wheaton said in a statement.
The companies said in December last year that Silver Wheaton had agreed to buy between 45% and 90% of the life-of-mine silver produced at the Rosemont mine, in Arizona, US, although at the time Augusta was still to decide on the exact percentage.
The deal, expected to be completed in June, is conditional on Augusta receiving the necessary permits to build and operate the mine, and securing the balance of the funds that it needs for the project.
http://www.miningweekly.com/article/silver-wh...30
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