Johannesburg, South Africa — MININGREVIEW.COM — 15 November 2011 – Nedbank Corporate Banking and Nedbank Capital have announced the successful conclusion of a joint funding agreement of R1 billion for Northam Platinum Limited (Northam).
The funding, in the form of a revolving credit facility, will provide Northam with additional financial flexibility as the development of the new Booysendal mine reaches the critical phases of development and construction.
“Strategically, Booysendal is an excellent expansion opportunity for Northam as it will provide us with a large, shallow, long life resource to significantly grow the company’s production profile and to mitigate risk ,” says Northam CEO Glyn Lewis.
Peter van Kerckhoven, co-head of resources finance at Nedbank Capital says: “We are pleased to be playing a major role in assisting our client in the development of the Booysendal mine and, by so doing, ultimately contributing to the development of and investment in our country’s mining sector.”
According to Graeme Auret, managing executive of Nedbank Corporate Banking, the parties’ working relationship stretches over 10 years. “Our ability to offer customised, flexible solutions, together with our focused approach to understand our client’s business in an ever-changing environment, has seen us grow this relationship, culminating in a mutually beneficial funding agreement.”