Rawhide Mining Receives Mine Expansion Permits and Completes $21.1 Million Senior Secured and Equipment Debt Facilities
Funds raised will allow for expansion of operations and extend the life of mine
Fallon, NV (January 18, 2019) – Rawhide Mining LLC, (“Rawhide” or the “Company”) a portfolio company of Coral Reef Capital, is pleased to announce that it has received the permits from the Nevada Bureau of Land Management and the Nevada Division of Environmental Protection to expand the Rawhide mine. The approval will allow Rawhide to increase its current gold and silver production and start mining the low strip ratio Regent deposit and Rawhide open pit in the first quarter of 2019.
“We want to thank the Bureau of Land management, the State of Nevada, our lenders, our team and employees for achieving a major milestone. Working collaboratively with the Bureau of Land Management and the State of Nevada has ensured that Rawhide can now move forward with ramping up to increase gold and silver production and extend Rawhide’s current life of mine to seven or more years,” said Don Deines, Rawhide’s Chief Executive Officer. “Mining of the Regent deposit will begin in the first quarter of 2019 and Rawhide has already started hiring additional miners as mining and production ramps up.”
In conjunction with receiving the permits, Rawhide closed on $21.1 million of senior debt and equipment financing from Silverpeak Credit Partners, LP, Corbin Capital Partners, L.P., and Caterpillar Financial Services Corporation.
Pepper Hamilton LLP served as legal counsel to Rawhide Mining.
About Rawhide Mining
Rawhide Mining LLC is a privately held fully permitted intermediate scale open pit mine and heap leach facility producing gold in Mineral County, Nevada. Rawhide was formerly operated as a subsidiary of Kennecott Corp. prior to Coral Reef partnering with the Rawhide mine management team to acquire the property from Rio Tinto Plc.
About Coral Reef Capital
Coral Reef Capital is a New York-based private investment firm that focuses on private equity investments in the natural resources/real assets sector, including upstream energy, metals & mining, oil field services and industrials. For more information, please visit www.coralreefcapital.com.