Aim is to develop five gold mines capable of producing 400,000-500,000ozpa in ten years
Having announced a strategic refocus on November, aspiring Nevada gold producer I-80 Gold will seek a recapitalisation of US$400-500 million to restructure existing debt and provide development capital as it aims to develop five gold mines capable of producing 400,000-500,000ozpa of gold through the remainder of the decade, chief executive Richard Young , told Mining Journal.
New directionYoung has not criticised the previous management team led by Ewan Downie and credits them with assembling "an incredible portfolio" while recognising that "the challenge they faced was having too many opportunities, so how do you prioritise?"The portfolio and the number of opportunities it contains saw I-80 burn through cash and repeatedly raise new capital, and taking longer to move towards a meaningful production scenario.
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