Base metal miner Aur Resources (TSE) has repaid the outstanding bank debt of $28.4 million that was incurred to fund its share of development costs at the Louvicourt copper-zinc-gold mine in Val d’Or, Que.
The company is now debt-free and retains working capital of about $12 million.
Several positive factors — Aur’s existing level of working capital, attractive copper prices, the achievement of production at commercial rates in January, and Louvicourt development costs being about $30 million under budget — enabled the company to eliminate its debt ahead of schedule. Development of Louvicourt is essentially complete, with full production of 4,000 tonnes per day expected to be reached in June, 1995.
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