Romarco Minerals announced the signing of a binding commitment letter with Caterpillar Financial Services, Macquarie Bank Limited and Societe Generale Corporate & Investment Banking in connection with a $200 million, 8.5-year senior secured project finance facility for the development of the Haile Gold Mine project in South Carolina.

Highlights of the commitment include:

• $200 million debt facility
• No mandatory gold hedging
• Interest rate of LIBOR plus 3.75% to 4.25%
• Secured by assets of Haile Gold Mine without recourse to the parent after completion
• 8.5-year tenor

Diane R. Garrett, president & CEO commented, “We are pleased that the commitment is in line with the project financing mandate agreement of $200 million with no gold hedging requirements. This speaks to the strong endorsement of three global mining lenders for the Haile project and the economic strength of the project.”

The company is being advised by Cutfield Freeman (Financial Adviser) and Shearman & Sterling (Project Finance Counsel). The Lenders are being advised by Allen & Overy (Lenders’ Counsel).

Toronto, Canada-based Romarco Minerals is a gold development company focused on production primarily in the U.S.