Heron Resources Completes Draw-Down of First Tranche of US$20m Debt

Heron Resources Limited announced it has completed the drawdown of the first tranche of US$20M of debt from Orion Mine Finance. As announced to the market on 30 June 2017, the total debt provided by Orion Mine Finance is US$60M; the remaining US$40M remains undrawn and is available to Heron.

Heron’s Managing Director, Wayne Taylor, commented:

“The draw-down of the US$20M debt tranche is a significant milestone for the Woodlawn project finance and was subject to the completion of specific conditions precedent, all of which have been satisfied. The debt tranche is being drawn-down in accordance with the project timeline with the funds to be utilised for Woodlawn plant construction activities. The project is advancing to schedule and once in production will position the Company to capitalise on favourable conditions in the physical zinc market.”

Excellent progress is being made with construction activities at Woodlawn with the EPC contractor confirming the late fourth quarter start for commissioning. The project has passed the 50% completion milestone with a progressive shift from earthworks and foundations to structures and equipment. In last few weeks progress has resulted in:

  • The arrival of significant amounts of process plant equipment – pumps, blowers, drive units, cyclone clusters;
  • Construction commencing on thickeners and feed tanks;
  • Arrival of permanent support buildings and site facilities;
  • Power connection works underway;
  • Bulk earthworks completion to occur in the next few days;
  • Underground mining contractors early mobilisation activities;
  • Operational personnel appointments across geology, mining engineering, mine surveying, process maintenance and process operational areas (strong interest received from the general resources sector for site roles); and
  • Heron personnel relocated into the permanent operational offices


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s