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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news