{"id":52737,"date":"2013-02-05T21:13:29","date_gmt":"2013-02-05T21:13:29","guid":{"rendered":"http:\/\/www.sierraexpressmedia.com\/?p=52737"},"modified":"2013-02-05T21:13:29","modified_gmt":"2013-02-05T21:13:29","slug":"african-minerals-secures-350m-credit-facilities-from-standard-bank-sa","status":"publish","type":"post","link":"https:\/\/sierraexpressmedia.net\/?p=52737","title":{"rendered":"African Minerals secures $350m credit facilities from Standard Bank SA"},"content":{"rendered":"<div style=\"text-align: justify;\">African Minerals today announced that final credit committee approvals have been received from Standard Bank South Africa for the establishment of two credit facilities worth $250-million and $100-million respectively.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">A $250-million secured loan facility would provide greater working capital flexibility during project ramp-up periods and was structured in such a way that it could be increased to fund further the expansion of the iron-ore mining company\u2019s projects, subject to additional credit committee approvals.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">A $100-million revolving credit facility would replace the existing $100-million amortising standby facility\u00a0 \u2013 of which $80-million remained outstanding \u2013 thus providing $20-million of additional liquidity for African Minerals.<\/div>\n<blockquote>\n<div style=\"text-align: justify;\">&#8220;I am delighted to report that the facilities we outlined in December have now been approved and am especially pleased that Standard Bank continues to be a cornerstone lender.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThese facilities provide us with incremental financial flexibility through the project ramp-up period, as well as a potential source of funding for the next phase of our expansion to 35-million tons a year,&#8221; African Minerals CFO<strong> Miguel Perry<\/strong> said in a statement.<\/div>\n<\/blockquote>\n<p>The Tonkolili iron-ore project is expected to produce 20-million tons a year\u00a0 by the second quarter of this year.<\/p>\n<div style=\"text-align: justify;\">The project would then be expanded to produce up to 35-million tons a year of high-grade hematite concentrate.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><em><strong>Stay with Sierra Express Media, for your trusted place in news!<\/strong><\/em><\/div>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>African Minerals today announced that final credit committee approvals have been received from Standard Bank South Africa for the establishment of two credit facilities worth [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4567,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[671,751,11448,673],"tags":[1512,14752,4951,2069,5536,14753],"class_list":["post-52737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-global-news","category-local-news","category-national-news","tag-african-minerals","tag-african-minerals-loan","tag-aml-ltd","tag-frank-timis","tag-miguel-perry","tag-tonkolili-mine"],"_links":{"self":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts\/52737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52737"}],"version-history":[{"count":0,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/posts\/52737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=\/wp\/v2\/media\/4567"}],"wp:attachment":[{"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sierraexpressmedia.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}