Platinum group metals miner Northam Platinum has completed a private placement of senior, unsecured, floating rate domestic medium-term notes to the value of R500-million.
This forms part of the company's R5-billion domestic medium-term note programme and the proceeds will be used for the recommissioning and development of Northam's Eland mine.
The new notes have been issued to the Industrial Development Corporation of South Africa (IDC).
“Northam is delighted to have the IDC as a long-term funding partner in the development of its Eland mine and values the IDC’s commitment to job creation in the PGM sector. The IDC funding will contribute towards Eland mine capital expenditure and the five-year commitment provides Northam with significant long-term funding certainty,” CEO Paul Dunne said on Friday.