Sandfire announces $200m credit line
Australia-headquartered Sandfire Resources on Tuesday announced a $200-million corporate revolver facility (CRF), with some of the proceeds going towards paying off a facility linked to its Matsa acquisition in Spain.
The company established the CRF under a syndicated facility agreement with Australia and New Zealand Banking Group, Citibank, Natixis and Societe Generale.
The proceeds would be used to repay the MATSA syndicated debt facility, which currently has an outstanding balance of $88-million.
The balance of the CRF would be used for general corporate purposes.
Sandfire CEO and MD Brendan Harris commented that the establishment of the CRF demonstrated the confidence that the banking syndicate had in the quality of the company’s assets and its strategy to transform into a global copper producer of significance.
Sandfire’s early growth and success stemmed from the discovery of the high-grade DeGrussa copper/gold deposit, in Western Australia, which it successfully brought into production in less than three years.
The cash flows generated by the DeGrussa operations have provided the company with the platform to grow and diversify across the globe, through the $1.865-billion acquisition of the MATSA operations in Spain, and the development of the company's new, modern long-life copper mine in Botswana, the Motheo mine.
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