https://www.miningweekly.com

Shanta inks $40m loan facility

31st March 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – LSE-listed Shanta Gold has secured a $40-million loan facility from the corporate and investment banking division of Investec Bank.

The group, through its operating subsidiary Shanta Mining, would use one-half of the funds to refinance an existing bank loan from UK-based FBN Bank, with the remaining $20-million set aside as a standby facility to be used as and when required.

The East Africa-focused gold production and exploration company said in a statement on Tuesday that the loan facility, which was subject to normal regulatory approvals from the Bank of Tanzania, had a five-year tenor and would bear interest at the London Interbank Offered Rate plus 4.9% a year.

“The finalisation of [this facility] will lower the company's cost of funding and also provide greater financial flexibility,” said outgoing CEO Mike Houston.

“The facility, together with the company's operating cash flow, place Shanta in a healthy position as it enters an exciting period with the extension of the life-of-mine at New Luika through opencast and underground mining and looks at other growth opportunities,” he concluded.

Edited by Creamer Media Reporter

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.106 0.141s - 88pq - 2rq
Subscribe Now