AFRICAN BARRICK GOLD PLC: Project Financing for Bulyanhulu CIL Expansion
22nd January 2013
African Barrick Gold plc (the "Company" or "ABG")
Completion of Project Financing for Bulyanhulu Process Plant Expansion
* Attractive financing for key growth project
* Continued progress on organic growth
ABG is pleased to announce that it has concluded negotiations with a syndicate
of commercial banks, led by Standard Bank, for the provision of an export
credit backed term loan facility ("Facility") for the amount of US$142 million.
The Facility has been put in place to fund the bulk of the costs of the
construction of one of our key growth projects, a new Carbon in Leach circuit
at the process plant at Bulyanhulu ("Project"). The Facility is secured upon
the Project, has a term of seven years and when drawn the spread over Libor
will be 250 basis points.
Commenting on the financing, ABG CEO, Greg Hawkins, said: "The debt financing
of the Bulyanhulu Process Plant Expansion is a clear example of the focus we
have placed on efficient capital allocation. Whilst we have sufficient cash on
the balance sheet to fund the expansion, we have decided to utilise a cost
effective form of project financing to ensure we maintain maximum flexibility
as we look to drive improved returns from our asset base.
For further information contact:
African Barrick Gold plc +44 (0)20 7129 7150
Andrew Wray, Head of Corporate Development & Investor Relations
Giles Blackham, Investor Relations Manager
RLM Finsbury +44 (0)20 7251 3801
-0- Jan/22/2013 07:00 GMT
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