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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news