Stanmore completes debt refinancing
PERTH (miningweekly.com) – Coal miner Stanmore Coal has completed its debt refinancing, aimed at reducing the overall cost of financing.
The ASX-listed company on Monday said that it had extended the term of an existing facility with financier Taurus from November 15 this year until the end of June 2022, and has increased a working capital facility from $22-million to $28-million, to match the company’s larger business scale following an increase in production from 1.2-million tonnes to 2.3-million tonnes a year.
The miner has also reduced its bonding facility from $29-million to $12-million, reducing interest rates on drawn funds from 10% to 8%, while maintaining the interest rates on undrawn funds at 2%.
Furthermore, Stanmore has also secured a $20-million bonding facility with financier Liberty, providing financial assurance to the Queensland government as part of the company’s future rehabilitation obligations.
The Liberty facility will have a premium charge of 4.7% on drawn sureties and an expiry date of June 30, 2020. No fees will be payable on undrawn facilities and now cash backing would be required for the facility.
Stanmore told shareholders that the establishment of the Liberty bonding facility would generate annual finance cost savings of around A$580 000.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















