ELD
ELD
ELD - Eland Platinum - Eland Platinum, Nedbank Capital Sign R800 Million Project
Finance Facility
Eland Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/029957/06)
(ISIN number: ZAE000078655)
Share code: ELD
("Eland Platinum ")
ELAND PLATINUM, NEDBANK CAPITAL SIGN R800 MILLION PROJECT FINANCE FACILITY
Eland Platinum announced today (10 April 2007) that its subsidiary, Eland
Platinum Mines (Pty) Ltd (Eland Mines), has signed a credit-approved Term Sheet
with Nedbank Capital in respect of Eland Mines` Project Finance Facility.
Nedbank Capital will act as sole arranger and underwriter of a R800 million
Project Finance Facility, plus a R100 million Standby Debt Facility, for Eland
Mines.
The facility will be used to complete the development of the opencast and
underground mining operations, ore processing facilities and associated
infrastructure at Eland Mines` Elandsfontein Platinum Mine near Brits, in order
for it to mine, produce and treat platinum group metals (PGM) ore.
Mark Tyler, Head of Mining & Resource Project Finance at Nedbank Capital, said:
"Eland Platinum`s construction of its platinum mine represents a significant
investment in the South African resources industry. We are proud to be
associated with a mining project with such substance."
David Salter, Eland Platinum Group Managing Director, said: "These financing
arrangements will allow us to complete the development of the Elandsfontein mine
on schedule and to ship concentrates during Quarter 4 of 2007. We commend
Nedbank Capital for the professional manner in which it finalised the debt
package, and look forward to executing the various project agreements ahead of
the first draw-down within the next month."
10 April 2007
Sponsor
Nedbank Capital
Date: 10/04/2007 08:55:01 Produced by the JSE SENS Department.
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