Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


OceanaGold has new banking facilities

OceanaGold has new banking facilities

June 30 (BusinessDesk ) - OceanaGold Corp, New Zealand’s largest gold miner, has new banking arrangements it says will give it more flexibility.

The owner of Macraes Mine in North Otago says a new $200 million revolving credit facility will mature on June 30, 2017, replacing existing facilities maturing on June 30, 2015.

The existing facility of $117.8 million is being repaid. It had undrawn capacity of $50 million.

Barclays Bank, BNP Paribas, Citibank NA, HSBC and Nedbank Capital Plc are providing the new facility.

OceanaGold did not provide details of the terms of the new facility beyond saying they were competitive and the corporate debt covenants were standard.

The new facility provided additional liquidity and flexibility, the company said.

OceanaGold has been moving to strengthen its balance sheet by repaying debt and increasing cash.

The new banking arrangements demonstrated that the company’s banking syndicate had confidence in it, the company said.

OceanaGold repaid $20 million of the old revolving credit facility in the first quarter of the 2014 financial year, according to its first quarter accounts.

It had financing charges of $2.4 million in the first quarter compared to $8 million in the fourth quarter of 2014.

Mining was temporarily suspended at open pit at Macraes in April when a pit wall collapsed after heavy rain. There were no injuries to workers and no stoppage to production but the mine has been processing some lower grade ore from stockpiles since.

The shares last traded at $3.39, and have soared 98 percent this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news