ENP Newswire -
Release date- 14052014 -
KML has executed a binding Facility Agreement with
The Facility has been arranged by
The Facility Agreement sets out key terms of the Facility, which include a competitive commercial interest rate and other standard conditions for a facility of this nature. Interest will be payable every three months and the loan repayable as a lump sum after three years.
The funds secured through the Facility will be used for the purposes outlined in Gindalbie's Half Yearly Report including capital expenditure to address plant bottlenecks and resolve outstanding technical issues which will contribute to achieving sustainable production of magnetite concentrate at nameplate capacity.
In addition, KML has confirmed that it has obtained a waiver from its existing Chinese Banking Syndicate for breach of a financial debt service cover ratio under the terms of its Senior Debt Facility for the
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