Kingsrose retires $4.4m debt ahead of schedule

ASX-listed Kingsrose Mining announced on Friday that it has retired its $4.4 million unsecured debt to Beaurama Pty Ltd (Beaurama) ahead of schedule.

The company said in a statement that under the agreement, Beaurama has agreed to accept $2.25 million in full and final satisfaction of the loan facility.

The debt repayment marks another milestone for Kingsrose as it moves to finalize its preparations for re-instatement of the trading of its securities on the ASX.

Kingsrose Managing Director Paul Jago said: ?Kingsrose is now debt-free and generating strong cash flows from open cut operations at the Way Linggo Mine in Indonesia,? he said in the statement, referring to its gold mining project in Indonesia?s South Sumatra Province.

?We continue to successfully implement our strategy to establish a long-term, low-cost mining operation underpinned by a sound balance sheet,? he added.

Editing by Reiner Simanjuntak