Iron Ore miner African Minerals announced Tuesday that it had secured two financing deals worth around $350million with South Africa’s Standard bank.
The first is a $250m “secured loan” financing deal to fund the expansion of the Tonkolili project, which is expected to produce 20m tonnes per annum (mtpa) by Q3, 2013 and which is targeted to improve to 35mtpa.
The second financing deal is a $100m facility for general corporate purposes. This replaces a $100m amortising standby facility of which $80m is already outstanding and which further provides $20m of additional liquidity.
Chief Financial Officer Miguel Perry says he is “delighted to report that the facilities that we outlined in December have now been approved, and am especially pleased that Standard Bank continues to be a cornerstone lender.”