Ramelius enters into new A$175m revolving debt facility
Gold miner Ramelius Resources on Wednesday announced a A$175-million revolving corporate facility as an upsized replacement to a previous A$100-million facility.
The Western Australian gold producer has executed a syndicated facility agreement with Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, Natixis CIB, and Westpac Banking Group.
The facility has a four-year term with the option to extend by a further year.
“We are very pleased to enter into this facility with our syndicate of lenders who are also considered to be our business partners. While Ramelius has a strong balance sheet and we generate significant operating cash flow, we feel it is important to have the added financial flexibility which this low-cost revolving debt facility provides us,” said MD Mark Zeptner.
For the three months ended June 2024, the company generated underlying free cash flow of about A$137-million. At July 2, Ramelius had A$352.5-million in cash and gold on hand, which is after the recent strategic investment in Spartan Resources of A$180.4-million, leaving Ramelius with more than A$500-million in liquidity.
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