[miningmx.com] – SOUTH Africa’s government-owned transport utility, Transnet, said it had raised the balance of its finance for the year after finalising R13bn in loans for the purchase of 1,064 locomotives.
A loan of R6bn was raised from South African banks in a deal underwritten by US Export-Import Bank (Exim) which Transnet CEO, Brian Molefe, said had considerably reduced the cost of capital.
The other loan was for R5.24bn provided by Export Development Canada with Investec adding R1.75bn. The remainder of the R23.8bn borrowing target set by Transnet had been raised throughout the year on the domestic capital market, said Molefe.
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