Pretivm refinances construction credit facility, repurchases stream
TSX- and NYSE-listed Pretium Resources (Pretivm) said on Tuesday that it had accomplished all its objectives for the year, following the successfully refinancing of its construction credit facility and the repurchase of the precious metals stream that was sold as part of the construction financing package for the Brucejack mine.
The other key goals that Pretivm had set for 2018 were reaching steady state gold production and receiving permit amendments to expand the British Columbia-based mine’s production to 3 800 t/d – both of these have been achieved.
“The ability to achieve these objectives in less than six quarters of production in a declining gold environment speaks to the quality of our team and profitability of Brucejack,” said Pretivm president and CEO Joseph Ovsenek.
The company has closed a $480-million debt facility to refinance its existing construction credit facility. The loan facility comprises a $250-million senior secured amortizing non-revolving credit facility and a $230-million senior secured revolving credit facility.
In conjunction with the closing of the loan facility, the Company has executed on the previously announced notice to repurchase 100% of the callable 8% gold and silver stream for $237-million.
Last week, British Columbia Energy, Mines and Petroleum Resources Ministry approved permits allowing the Brucejack mine to increase production to 1.387-million tonnes a year, from 0.99-million tonnes a year.
The production increase will require upgrades to the mill, which will cost C$25-million. The company plans to ramp up its mining rate to 3 800 t/d in the first quarter of next year.
Pretivm gained 3% on the TSX on Tuesday, trading at C$11.33 a share in the late afternoon.
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