[miningmx.com] — OPTIMUM Coal Holdings has secured a R2.2bn revolving credit facility which it said it would use to fund “potential acquisitions”. The five-year facility is with Rand Merchant Bank.
Optimum Coal CFO, Doug Gain, told Bloomberg News the loan would also help finance recent acqusitions.
Optimum is buying prospecting rights adjacent to its Koornfontein mine for R420m, and said in August it would buy the Remhoogte prospecting rights from BHP Billiton for R235m, Bloomberg reported.
“Certain conditions’ are outstanding and the two deals are expected to close in six to nine months,” Gain told Bloomberg News.
Optimum Coal, which is the target of a potential takeover by Glencore International, said it expected Glencore would attempt to increase its stake.
“As a board, we don’t have any formal information’ on Glencore’s intentions, Gain told Bloomberg News.
