GR Engineering Services Ltd (AU:GNG) has released an update.
Develop Global Limited has secured a major contract with GR Engineering Services Ltd for upgrading and recommissioning the Woodlawn processing plant, marking a significant step towards the planned mid-CY2025 start of production at the Woodlawn copper-zinc mine. The deal, worth A$25.7 million and expected to last 1.5 years, has triggered a A$20 million milestone payment to the project vendor, which will be partly covered by issuing new shares to existing shareholders. Additionally, the terms for a ~A$100 million prepayment/loan facility with Trafigura are nearing completion, ensuring the project’s full funding through to production.
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