NQ Minerals agrees increased debt facility for Hellyer mine with ING Bank
The facility will refinance existing project debt for the Hellyer gold mine in Tasmania, Australia.
Expected interest savings for Hellyer will increase to about US$3.4mln annually from US$2.5mln.
The agreed commitment letter includes a hedging strategy with respect to base metal revenues that allows Hellyer to take advantage of improving market conditions, the statement added.
David Lenigas, NQ Minerals’ chairman, said: “The prime purpose of this facility is to retire the 2020 maturity debt book, which totals just over US$30 mln.
“Now that the ultimate size of the ING facility has been determined by both the bank and NQ, negotiations with each of the 2020 maturity debt providers can hopefully be concluded in the coming weeks to the satisfaction of all parties and we can move to close this important deal.”