Johannesburg, South Africa — MININGREVIEW.COM — 04 January 2012 – Eastern Platinum says it has finalised a US$100 million debt facility for the funding of its Mareesburg Project, having signed a definitive agreement with UniCredit Bank, London Branch and Standard Finance.
Quoting I-Net Bridge, Miningmx reports that finalisation of the debt facility comes almost a year after the company first said it had the receipt of letters of commitment for a debt facility. The term loan and revolving loan can be drawn down upon the satisfaction of agreed conditions precedent, which is expected to occur at or prior to the end of March 2012.
Eastplats president and CEO Ian Rozier said here that the debt facility ensured the company was well-capitalised for the next stage of its corporate growth.
“This financing, combined with our existing cash resources, provides us with substantial flexibility over the upcoming year as we complete the development of Mareesburg and the construction of the concentrator within the next twelve months,” he said.
“We expect Mareesburg to be a low-cost operation that will deliver 100,000 PGM ounces per year at full production," Rozier added.
Mareesburg is seen as an important step in the company’s growth strategy. The company is targeting production of 225,000 PGM ounces by the end of 2013.