https://www.miningweekly.com

Northam secures a further R1bn in funding

31st May 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

JSE-listed Northam Platinum has increased its existing revolving credit facilities (RCF) by R500-million, from R3-billion to R3.5-billion; and has also secured a new R500-million general banking facility (GBF).

The maturity date of Northam’s existing R1-billion RCF has been extended to match that

of its existing R2-billion RCF and both facilities, as well as the R500-million increase, have been combined into a single R3.5-billion RCF maturing on November 29, 2021.

The interest rate on the total RCF remains unchanged and the GBF will accrue interest at a variable rate of prime less 1.5%.

“The R1-billion increase in available facilities is in addition to the placement of R1.65-billion of domestic medium-term notes announced on April 16, and further strengthens Northam’s balance sheet,” Northam CE Paul Dunne commented in a statement issued on Friday.

“This additional funding flexibility will enable Northam to further return value to shareholders, in due course, through a repurchase of ordinary shares and/or a purchase of Zambezi preference shares.”

As previously reported by Mining Weekly Online, Northam expects to invest R2.3-billion in capital expenditure in its current financial year to June 30.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION