Shanta secures $40m loan
JOHANNESBURG (miningweekly.com) – East Africa-focused gold production and exploration company Shanta Gold has secured $40-million in loan facilities from Investec Bank.
The company said that its operating subsidiary Shanta Mining Company, would use $20-million of the $40-million loan facilities to refinance an existing bank loan from UK firm FBN Bank.
The balance would be used as a standby facility during the implementation of the New Luika gold mine life-of-mine extension project, in Tanzania.
The loan facilities had a five-year tenor and bore interest at a rate of 4.9% a year.
The facilities would lower the company's cost of funding and provide greater financial flexibility for the development opportunities at New Luika, the broader Lupa Goldfields and Singida.
"We are delighted to have received regulatory approval for these new and competitive loan facilities with Investec. Together with our positive operating cash flow, the loan will put the company in a strong position to pursue upside potential through expansion and exploration opportunities,” Shanta Gold CEO Dr Toby Bradbury said.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation