Baku, Azerbaijan, Aug. 17
By Elena Kosolapova - Trend:
KAZ Minerals PLC ("KAZ Minerals" or "the Group") signed a new $50 million revolving credit facility ("RCF") with Caterpillar Financial Services (UK) Limited ("Cat Financial"), a subsidiary of Caterpillar Inc., said the message of KAZ Minerals.
Caterpillar Inc. is a major supplier of mining equipment to the Group's Bozshakol and Aktogay projects, said the message.
The RCF is available for drawing for three years from the date of signing, following which the facility is repayable in four equal quarterly instalments, according to the message. An interest rate of USD LIBOR plus 4.25 percent is payable on amounts outstanding under the RCF. The financial covenants on the RCF are identical to those applicable to the Group's existing pre-export finance facility.
This new facility with Cat Financial will provide KAZ Minerals with additional liquidity during the construction and ramp-up of major growth projects of the Group and broaden the Group's debt portfolio, according to the message.
KAZ Minerals PLC is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan. It is a leading copper producer in Kazakhstan with five operating mines and four concentrators. In 2014, total copper cathode output from continuing operations was 84,000 metric tons.
The Group's continuing operations also produced 121,000 metric tons of zinc in concentrate, 3.4 million oz of silver and 35,000 oz of gold in 2014.
The Group has two major copper projects under construction, Bozshakol and Aktogay, and a third, Koksay, at scoping stage.
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