Australia's Havilah Resources nabs $100 mln in funding from SIMEC Mining

Australian gold to copper mining company Havilah Resources has secured up to $100 million in funding from SIMEC Mining, a subsidiary of mining to energy generation company GFG Alliance.

With the investment, Havilah Resources will use the proceeds to advance its iron ore assets and copper prospects in South Australia.

SIMEC will also provide capital for Havilah’s Maldorky, Grants and Grants Basin iron ore assets in South Australia via a series of equity placements in Havilah over three years, potentially providing GFG with a 51 percent stake in Havilah.

The deal is expected to strengthen Havilah’s ability to generate value from its multi-commodity portfolio through discoveries, project development and further transactions.