Aura Minerals Inc., the mining company which redomiciled from Canada to the British Virgin Islands, after a competitive bid process entered into a US$20,000,000 loan facility and a off-take agreement with Louis Dreyfus Company Metals, for the restart of operations and copper concentrates to be produced from its wholly-owned Aranzazu mine in Mexico.
Under the terms of the loan facility, the company’s wholly-owned subsidiary may draw-down the full amount of it in three tranches. The loan includes 12-month grace period and is subject to customary conditions, including the repayment of company’s outstanding loan with Auramet International LLC. The facility will be guaranteed by the company and its interests in the project and the San Andres mine. The Off-Take Agreement covers 100% of the copper concentrates produced from the project.
BVI-registered company EOG Resources, Inc. reported financial results for the fourth quarter and full year 2017. In the fourth quarter 2017, company’s net income was $2,430 million, or $4.20 per share, as compared to net loss of $142 million, or $0.25 per share in the same quarter of 2016. For the year 2017, the BVI company reported net income of $2,583 million, or $4.46 per share (net loss of $1,097 million, or $1.98 per share, for the previous year).
Adjusted non-GAAP net income for the fourth quarter of the reported year was $401 million, or $0.69 per share, as compared to adjusted non-GAAP net loss of $7 million, or $0.01 per share, for the fourth quarter of 2016. Adjusted non-GAAP net income for the full year was $648 million, or $1.12 per share, compared to an adjusted non-GAAP net loss of $893 million, or $1.61 per share, for year 2016.
Capital expenditures for 2018 are expected to range from $5.4 to $5.8 billion, including production facilities and gathering. The company also announced capital program for 2018, which is aimed to achieve strong returns on capital employed and healthy growth while spending within cash flow.