Northam Platinum Booysendal mine
Northam Platinum, the JSE-listed platinum miner, has raised R250 million through the issue of new three year senior unsecured floating rate notes.

Northam Platinum has entered into a subscription agreement with the Industrial Development Corporation of South Africa (IDC), as announced in February, which would see the IDC subscribe to R250 million notes.

The notes were issued on Friday under Northam Platinum’s R2 billion domestic medium term note programme which was initiated in 2012 to raise additional third party debt funding.

The proceeds will be used to partially fund Northam’s Booysendal mine development and general working capital expenditure of the company.

In May, Northam Platinum successfully raised term debt through the issue of R175 million in five year senior unsecured fixed rate domestic medium term notes.