The Siana Gold mine has a capacity of 3,000 tonnes per day (tpd). Credit: Roman Bodnarchuk via Shutterstock.com.

Siana Gold mine owner Greenstone Resources Corporation (GRC) has secured a $30m (1.67bn pesos) term loan facility from China Banking Corporation to partially finance the Siana mine in the Philippines.

GRC is wholly owned by TVI Resource Development (Phils.) (TVIRD), a Philippines corporation in which TVI has a 30.66% stake.

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With a capacity of 3,000tpd, the facility is located in Tubod, Surigao del Norte, close to Lake Mainit and the potential satellite ore source, Mapawa.

GRC will utilise the five-year term loan to support the development of the Siana mine. 

As per the terms of the loan agreement, GRC has been awarded the loan at a fixed interest rate for the first two years, plus a spread of 200 basis points or 6.50% per annum, whichever is higher.

After the second anniversary of the initial drawdown, the interest rate will be repriced accordingly.

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Repayment of the principal is structured in 15 equal quarterly instalments, beginning after the sixth quarter from the initial drawdown date.

Interest payments are due quarterly in arrears, starting from the end of the first quarter following the drawdown. GRC also retains the option to prepay the loan, subject to a prepayment penalty.

GRC added that the loan is secured by a corporate surety from Prime Asset Ventures and Fine Properties, with additional security provided by TVIRD in the form of a first-ranking interest over all TVIRD’s shares in GRC.

Other securities include GRC’s rights in contracts with buyers, material contracts of Siana, and the Debt Service Reserve Account, which will maintain sufficient funds to cover upcoming repayments and interest.

TVI chairman and CEO and TVIRD chairman Cliff James said: “Conclusion of a loan facility with China Banking Corporation will help Siana to move toward commercial production and to proudly become the fifth mine for TVIRD following the Canatuan gold-silver mine from 2004 to 2008, the Canatuan copper-zinc mine from 2009 to 2014, the Agata nickel direct shipping ore mine from 2014 to 2023 and in which TVIRD holds a 60% interest and the Balabag gold/silver mine that commenced operations in 2021.”