Hong Kong-listed G-Resources Group, which is in the process of developing a greenfield gold and silver mine in Indonesia, on Wednesday raised HK$1.69 billion $217 million from the sale of new shares after saying in early May that the project cost will be about 30% higher than earlier estimated.
This will put the total cost at $576 million. The company initially said that it intended to fund the additional cost through a new $250 million bank facility, but when an opportunity to raise more equity presented itself, it decided to take advantage.
The fact that the spot gold price is trading at record levels above $1,600...
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