PERTH (miningweekly.com) – ASX- and TSX-listed Endeavour Mining has renewed a $350-million revolving credit facility which has funded the construction of the Agbaou mine, in Cote d’Ivoire.
CEO Neil Woodyer said on Wednesday that by renewing the revolving credit facility and extending the maturity date until March 2020, Endeavour had removed the near-term repayment requirements during 2016 and 2017.
“We now have no scheduled repayments for approximately three-and-a-half years, which enhances our financial flexibility and strength to pursue our growth strategy.”
Woodyer said that the credit facility, along with cash flow from current operations, would provide Endeavour the opportunity to internally fund construction of the Houndé project, in Burkina Faso, with a start date in early 2016.
Some $50-million of the facility remained undrawn and available for general corporate purposes.
The Houndé gold project was expected to produce about 180 000 oz/y of gold over eight years.
Meanwhile, Woodyer said that the company would maintain its focus of reducing outstanding debt from free cash flow during 2015.