This extract is from the annual report of Richmond Mining released to the market 2 weeks ago.
Page 4 of The Chairman's address
"With the feasibility study completed, the next challenge for Richmond is to finance the development. In this regard, in late June discussions commenced with banks and other potential debt providers and negotiations have now reached an advanced stage with a number of parties.As a consequence of the project's comparative advantages,a key objective of our funding negotiations has been to secure a higher level of project debt when compared to industry standards.Continuing negotiations with financiers have demonstrated this objective is both possible and achievable.
Coinciding with our targeted date of final permit approvals,we anticipate having concluded all financing negotiations during the December quarter of this year.
Notwithstanding the current difficult market conditions I look forward to reporting in next year's annual report that construction is well advanced at the Buena Vista Iron Project."
As always DYOR
RHM Price at posting:
24.0¢ Sentiment: LT Buy Disclosure: Held
