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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news