- Write by:
-
Friday, June 12, 2020 - 8:32:58 PM
-
654 Visit
-
Print
Mining News Pro - Platinum group metals mining and marketing company Implats has strengthened its access to credit and refreshed approvals for intercompany loans.
In addition, the board has authorised the Johannesburg-listed company to give financial assistance to inter-related companies, as well as financial assistance under its long-term incentive plan.
Implats’ stock exchange news service announcement was made in terms of Section 45(5) of the Companies Act 71 of 2008, which refers to financial assistance in the form of money lending, loan guaranteeing and securing of any debt or obligation.
Earlier this year, Implats finalised the process of refinancing the bridge loan facility used to fund the acquisition of North American Palladium (NAP) as well as NAP’s existing working capital facilities. This included the conclusion of an Implats-guaranteed $275 000 000 term and revolving credit facility by NAP, which has been renamed Impala Canada.
Implats has now amended its rand revolving credit facility to provide access to additional credit facilities of up to R2-billion under the same facility agreement, should the need for additional liquidity arise in the next 12 months.
Inter-company loans of R5 316 283 530 to Impala Platinum, R199 679 283 to Gazelle Platinum, and R11 345 697 296 to Impala Holdings have been refreshed.
In addition, financial assistance in the form of inter-company loans, guarantees to Eskom and the Department of Mineral Resources, and cash management arrangements have been authorised over the next six months.
The board has also authorised financial assistance to a maximum R20-million under the company’s long-term incentive plan adopted in 2012.
Shareholders have been advised that the total value of the financial assistance will exceed one-tenth of 1% of the company`s net worth as at June 4, Mining Weekly can report.
Short Link:
https://www.miningnews.ir/En/News/546624
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Mining News Pro - The ceremony of commemorating the tree planting day and the beginning of the afforestation project and ...
Mining News Pro - The DRI manager of Hormozgan Steel Company's said: According to the plans made in line with the ...
Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into ...
No comments have been posted yet ...