PERTH (miningweekly.com) – ASX-listed gold miner St Barbara has repaid $20-million advance against an existing loan facility with RK Mine Finance.
The repayment was in addition to the first of eight $9.37-million quarterly payments made during the September quarter, and left the miner with a balance of $46-million to repay on the facility.
The next quarterly payment is scheduled for the end of December.
“The continuing strong cash flow generation from our operations has allowed us to reduce our debt further, which we consider to be the best use of our excess cash reserves,” MD and CEO Bob Vassie said on Tuesday.
He noted that sustained operational performance at the Gwalia mine, in Western Australia, and the Simberi mine, in Papua New Guinea, had enabled the accelerated reduction in debt.
Meanwhile, the miner has repurchased $1.6-million of its US 144A senior secured notes during November, at a 4% discount.
The company had now repurchased a cumulative $69-million of the original $250-million of notes issued by St Barbara in March 2013.