27th Jan 2016 08:03
LONDON (Alliance News) - Aureus Mining Inc Wednesday said it has secured approval from its lenders to defer its outstanding debt repayment that is due at the end of this month, as the company tries to negotiate a new repayment schedule whilst undertaking a strategic review of the business.
The company's lenders, FirstRand Bank Ltd, Nedbank Ltd and the Export Credit Insurance Corp of South Africa Ltd, have given Aureus final credit approval to delay a repayment that is due this Sunday.
Aureus said it was trying to establish a new debt repayment schedule with its lenders earlier this month.
"The lenders will now commence discussions with the company to agree upon an appropriate debt repayment schedule, following the review of various mine plan scenarios, with a final mine plan selected by the end of February 2016," said Aureus in a statement on Wednesday.
In addition, Aureus said it has appointed RBC Capital Markets as its financial advisor to assist the company in undertaking a strategic review.
"The lenders are supportive of the strategic review process, which is being undertaken. Aureus does not intend to make any further comments regarding such review unless required by law or the board of directors otherwise determines disclosure is appropriate," said Aureus.
Last week, Aureus revealed it produced almost 10,000 ounces of gold less than it was targeting following problems late in the year with the commissioning of the plant at its New Liberty gold mine in Liberia.
By Joshua Warner; [email protected]; @JoshAlliance
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