The funding includes cost overrun funding with the company expected to employ the proceeds for the commercial development of its Tembang gold project, located in southern Sumatra, Indonesia.
"Provision of the USD30 million senior debt facilities are now subject to completion of the project finance documentation and conditions precedent customary for a financing of this nature," the company stated.
Development at the project is based upon the results of definitive feasibility study concluded in September 2012 that reported 146,000 ounces of gold resource along with silver resource of 1,388,000 ounces.
The study also suggested estimated capital cost of $68m alongside pre-production capital of $38.5m.
Sumatra Copper and Gold is expecting to secure the company’s Forestry Permit approval by March 2013.
