Blackham Resources raises $35M for mine expansion

10/02/2017 11:45:00

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Blackham Resources Limited (ASX:BLK) has announced it successfully raised $35 million through a placement.

The gold production company plans to use the proceeds to fast track its Matilda/Wiluna Gold operation in Western Australia.

Blackham Resources says the funds will improve and lengthen the mine life and expedite the conversion of the large resource base into reserves.

The capital will also accelerate the mine's expansionary studies, which aim to lift production to 3.2 million tonnes per annum (MTPA).

Blackham Resources Limited (ASX:BLK) reported a loss of $8 million at 30 June 2016.