Northam gets R1bn credit facility

[miningmx.com] — NORTHAM Platinum on Monday entered into a R1bn five-year revolving credit facility agreement with Nedbank.

The raising of the facility was in line with Northam’s previously stated funding strategy and would further strengthen its balance sheet and support the group’s key strategic initiatives, specifically the development of its Booysendal mine situated on the eastern limb of the Bushveld Complex.

Together with Northam’s existing cash reserves of approximately R1.7bn as at June 30, and R1.2bn from the proposed sale of the southern portion of Booysendal, the facility would provide Northam additional financial flexibility and would ensure that the group was fully funded in the medium term to pursue its strategic priorities, it said.