Kanshanshi, Zambia.
Photo by: First Quantum Minerals
TORONTO (miningweekly.com) – Base metals miner First Quantum Minerals on Tuesday reported that it had signed and drawn down on its $2.5-billion five-year term loan and revolving facility.
The facility consisted of a $1-billion term loan facility with a margin of 2.75%, available to April 8, 2016, and a $1.5-billion revolving credit facility with the same margin available until March 8, 2019.
The facilities were arranged and underwritten by Standard Chartered Bank and BNP Paribas.
First Quantum said that its $2.5-billion bridge facility with Standard Chartered Bank, which it arranged to acquire Inmet Mining Corporation had been cancelled.
"To have achieved this financing restructuring within 12 months of the acquisition of Inmet is a significant accomplishment. From the beginning, we recognised just combining the financing facilities of First Quantum and Inmet was not optimal for the larger, more diversified consolidated company.
“The new financing structure is cost efficient and flexible, providing the company with the financial resources to complete our major development programmes,” First Quantum chairperson and CE Philip Pascall said.