Northam Platinum hikes available bank funding facilities by R1bn

Northam Platinum hikes available bank funding facilities by R1bn

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NORTHAM Platinum’s available bank funding facilities have increased by R1 billion, from R4bn to R5bn, the company said in a statement yesterday.

Northam said it had increased its existing revolving credit facility by R500 million to R4bn from R3.5bn and had a R500 million increase in the existing general banking facility from R500m to R1bn.

Chief executive Paul Dunne said: “While the revolving credit facility and general banking facility are currently fully undrawn, Northam has reviewed and increased its credit facilities to ensure these remain in step with the significant increase in the company’s scope of operations. Northam is pleased to have secured additional facilities on the same commercial terms.”

Last week, the group said it had appointed independent director David Brown as chairperson following the retirement of Khomotso Brian Mosehla.

This came after the group announced it had wound down its broad-based black economic empowerment transaction with Zambezi Platinum four years earlier than the originally envisaged 10-year term.

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