ARNGF - Argonaut to build $380M gold mine in Ontario; secures debt financing of up to $175M for the mine

Argonaut Gold ([[ARNGF]] -4.7%) has approved the construction of the 123,000 oz/y Magino openpit gold mine. Two-year construction period will get under way in January 2021, with first gold expected in early 2023.2017 feasibility study project estimated the capex requirement for Magino at $321M, but this was recently updated to between $360M-$380M.The study pegs average production at 116,000 oz/y over a 17-year mine life. On average, the mine will produce 150,000 oz/y over the first five years and 123,000 oz/y during the 14 years of active mining. AISC has been estimated at $711/oz.Argonaut announced that it had received a fixed-bid pricing proposal for a significant portion of the initial capex for the Magino project with secured debt financing of up to $175M via $50M bought-deal offering of senior unsecured convertible debentures and the extension and expansion of its existing revolving credit facility for up to $125M.The total financing plan for Magino

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Argonaut to build $380M gold mine in Ontario; secures debt financing of up to $175M for the mine