Indiana-based US mining contractor Turner Mining Group has lined up a US$150 million debt funding facility with Wingspire Equipment Finance and dispersed some of the capital already at Minera Alamos’ Pan gold mine in Nevada.
TMG started a “multi-year” mine services contract at Pan in January, describing it as a “long-term play for both Turner and Minera Alamos”. The contractor will increase material movement rates at the site by about 40% this year.
TMG said it bought a new fleet of haul trucks, loaders, dozers and drills from Caterpillar dealer Wheeler Machinery Company for Pan.
Toronto-listed Minera Alamos last year paid Equinox Gold $115 million in cash and shares for the mine, where production is expected to be up to 40,000 ounces this year after reaching 35,228oz in 2024.
Wingspire is part of New York Stock Exchange-listed Blue Owl Capital.
TMG founder Keaton Turner said the contractor now had capital in place to move quickly on new contracts. The nine-year-old company was currently operating in Texas, Arizona, Idaho and Nevada.
