The continued surge in gold prices and rise of demand for critical metals see investment firms such as The Seventy Ninth Group are extending increased financing facilities for mining and metal companies to support their global expansion plans.
The Seventy Ninth Group announced a 117 per cent increase in its loan facility to First Class Metals PLC (FCM), a UK-listed metals exploration company, raising the total facility to £500,000 ($648,442).
The loan will support key projects within FCM’s North Hemlo and Sunbeam properties in Canada, capitalising on the surging global demand for critical metals – an area where the UAE is increasingly focusing its efforts, the company said.
The move on enhancing financial support also resonates with UAE investors looking for opportunities that can provide sustainable growth, it said.
“This strategic move underscores growing opportunities for UAE-based investors in the expanding international mining and exploration sectors,” it added.
James Knowles, Executive Chairman of FCM, said the company looks forward to future collaborations that will advance its portfolio.
The Seventy Ninth Group said its enhanced partnership with FCM will not only strengthen its foothold in the mining sector, but also presents UAE investors with an increased opportunity to diversify their portfolios into burgeoning international markets.
“The increase from £230,000 to £500,000 reinforces The Seventy Ninth Group’s strong commitment to supporting FCM’s exploration initiatives.
“It also aligns with the UAE’s broader goals of economic diversification beyond oil, as the precious metals market continues to thrive,” it said.
Forecasts from Goldman Sachs project further rise in gold prices into 2025.
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