Lundin Gold inks $400-450 mln funding deal with Orion, Blackstone

Canadian mining company Lundin Gold Inc (TSX: LUG) has struck a project finance deal worth US$400 million to US$450 million with U.S. mining private equity firm Orion Mine Finance Group and Blackstone Tactical Opportunities, an affiliate of the Blackstone Group. The package consists of a gold prepay credit facility for US$150 million, a stream loan credit facility of US$150 million, and US$100 million to US$150 million available for future equity financings. Vancouver-based Lundin said the funds raised will be used to develop its Fruta del Norte gold project in Ecuador. It acquired the project in 2014 as part of a US$240 million transaction.

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