The Runruno gold mine located in the Philippines reached financial close on June 27, 2014.
The mine is currently being developed by the FCF Minerals Corporation, which holds the exclusive rights to the resource. HSBC and BNP Paribas will provide the financing, which will fund part of the $171 million capital costs.
The resource is situated 200 miles north of the capital Manila and contains an estimated 1.42 million ounces of gold. Once operational in mid 2015, BIOX and carbon-in-leach processes will be used to extract the gold.
Operis were pleased to provide a formal audit of the financial model for FCF Minerals, as well as an independent review of the model’s tax and accounting assumptions.