30/07/2008
Credit Suisse (Singapore) is lending $48 million (£24 million) to Archipelago Resources to develop its Toka Tindung gold project in Indonesia.
The bank has agreed to provide Western Australia-based Archipelago with this support as a conditional loan facility for Toka Tindung, in Indonesia’s North Sulawesi region. AIM-quoted Archipelago has 85 per cent of the project, with annual gold production of 160,000 oz, where work was suspended for a time last year because of delays in obtaining environmental approvals.
At 22.75p, Archipelago shares have halved since April 2006. The Credit Suisse facility could help a modest rally.
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