Cana­dian min­er­als ex­plorer Dal­ra­dian raises €58m for Ir­ish gold mine scheme

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Gavin Mclough­lin

MIN­ER­ALS ex­plorer Dal­ra­dian has agreed to raise CAD$85M (€57.5m) to ad­vance a planned gold mine in North­ern Ire­land.

The Toronto-listed com­pany is rais­ing the money from US mine fi­nance com­pany Orion and Cana­dian busi­ness Osisko Gold Roy­al­ties.

Dal­ra­dian has been pre­par­ing a plan­ning ap­pli­ca­tion for the con­struc­tion of a mine at the Cur­raghinalt project in Co Ty­rone.

It has been car­ry­ing out ex­plo­ration and ap­praisal work at the site for seven years. In a re­cent let­ter to res­i­dents Dal­ra­dian said it ex­pected to cre­ate more than 350 jobs.

Dal­ra­dian chief ex­ec­u­tive Pa­trick An­der­son said the deal was “a strong vote of con­fi­dence in both the Cur­raghinalt Gold Project and in North­ern Ire­land as an in­vest­ment des­ti­na­tion by two highly re­spected min­ing fi­nance groups”.

“To­day’s place­ment, to­gether with all re­cent war­rant ex­er­cises, will pro­vide the com­pany with ad­di­tional eq­uity fund­ing in ex­cess of CAD$110M.

“This means that the com­pany is now well-funded to move Cur­raghinalt through per­mit­ting, while con­tin­u­ing to ex­pand and im­prove the value of the project through fur­ther in­vest­ment in ex­plo­ration and en­gi­neer­ing.”

An­other com­pany called Galan­tas op­er­ates a gold mine nearby at Omagh.

Osisko chair­man and chief ex­ec­u­tive Sean Roosken said it was “very pleased to par­tic­i­pate in the ad­vance­ment of one of the world’s top un­de­vel­oped gold projects in a new emerg­ing gold district.”

Dal­ra­dian ac­knowl­edged that there has been con­cern ex­pressed by the com­mu­nity at the prospect of the mine be­ing built.

“The idea of a gold mine in our area has wor­ried some peo­ple. We hope that through the ap­pli­ca­tion process, as peo­ple be­come fa­mil­iar with de­tails of the pro­posal, they will be re­as­sured about our plans,” the com­pany said.

The mine, if granted ap­proval, will in­ten­sify the fo­cus on Ire­land’s prospec­tiv­ity for gold.

Con­roy Gold and Nat­u­ral Re­sources — which has been the sub­ject of a ma­jor dis­pute be­tween its chair­man and big­gest share­holder — is among the com­pa­nies with prospect­ing li­cences in the north­ern part of the coun­try. The price of gold per ounce is up about 13pc so far this year.

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