TORONTO (miningweekly.com) – Base metals producer HudBay Minerals has closed a $300-million corporate revolving credit facility.
The Toronto-headquartered miner last month reported that it had received commitments from a syndicate of Canadian banks, including its current lenders, to increase the size of its corporate revolving credit facility from $100-million to $250-million.
However, owing to strong interest from its lenders, Hudbay had further increased the size of the credit facility to $300-million.
The new revolving credit facility was on substantially similar terms to the $100-million credit facility that it replaced and was co-arranged by The Bank of Nova Scotia and Canadian Imperial Bank of Commerce.
HudBay explained that the facility would provide it with additional liquidity as its Constancia project, in Peru, ramped up to commercial production and support for the growth of its business.
The new credit facility would mature in March 2018.