G-Resources raises $217 million for gold mining project

Taking advantage of the strong gold price and continued progress at its greenfield Indonesian mining project, the company sells a 20% stake through a top-up placement.

G-Resources raises $217 million for gold mining project
G-Resources has already found gold and is due to start production at its Indonesian mine in December this year (AFP)

Hong Kong-listed G-Resources Group, which is in the process of developing a greenfield gold and silver mine in Indonesia, on Wednesday raised HK$1.69 billion $217 million from the sale of new shares after saying in early May that the project cost will be about 30% higher than earlier estimated.

This will put the total cost at $576 million. The company initially said that it intended to fund the additional cost through a new $250...

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