Pana Mining Holding Group Nears Deal on Development Funding
Pana Mining Holding Group is close to concluding talks that will secure access to $40 million in development funding for its ongoing operations.
Panama, March 10, 2016 (Newswire.com) - Following an extended period of negotiation, Panama-headquartered gold mining and exploration company, Pana Mining Holding Group Corporation is close to signing an agreement that will give it access to $40 million in development funding.
The company has been in talks with a private equity consortium since April 2015 and has completed over 220 pages of due diligence in order to satisfy criteria.
While the rout in commodity prices undoubtedly played a part in dragging out the negotiation process, I believe that one of the reasons the due diligence has taken as long as it has is down to the requirement on the lender's part for assurances that the operations their funds will finance are ecologically sound
Devansh Garg, Chief Executive Officer
“It has certainly been an unusually long process but, with the challenges the mining industry has faced in the last 18 months, the consortium felt it needed to impose tougher criteria. Needless to say, we are delighted that an end to the negotiations is firmly in sight and we look forward to making a formal announcement in the coming weeks, if not days,” says Devansh Garg, Chief Executive Officer at Pana Mining Holding Group.
The private equity consortium has completed 43 similar transactions in recent years and has been at the forefront of endeavors to further the development of responsible and environmentally-conscious mining practices.
Pana Mining Holding Group, which operates a number of highly productive mining properties on the western coast of South America, has distinguished itself from mining companies that use conventional mining methods by investing in and developing green techniques that drastically reduce the negative impact on the environment.
“While the rout in commodity prices undoubtedly played a part in dragging out the negotiation process, I believe that one of the reasons the due diligence has taken as long as it has is down to the requirement on the lender’s part for assurances that the operations their funds will finance are ecologically sound,” says Garg.