Reed gets $23m for Meekatharra

Reed Resources has secured a $23 million finance facility with international bank Barclays for its Meekatharra gold project.

Reed announced today it had received letter of commitment from Barclays confirming it had approval for the debt facility and a mandatory hedging program.

The debt facility remains conditional upon Reed receiving development approval for the first stage of the project from the Department of Mines and Petroleum.

Mining approvals are scheduled to for the end of August, with mining set to commence in September.

At close of trade today, Reed Resources stocks were down 2.5 per cent, at 19.5 cents.