22nd Jan 2021 08:47
(Alliance News) - China Nonferrous Gold Ltd on Friday said it has signed a new agreement with China CITIC Bank Corp Ltd for a loan facility of up to CNY300 million, around USD46.4 million.
Shares in the Takijistan-focused gold miner were 10% lower at 9.05 pence on Friday in London.
The terms of the facility includes an annual interest rate at 2.7% plus six-month LIBOR. The facility is also for a maximum of 12 months and is repayable a year from the first drawdown.
China Nonferrous expects to draw down USD20 million of the loan, which will go towards the replacement of the CCB Macau loan of USD20 million which is due in January.
Concerning the Pakrut mine, the company said it has taken steps to ensure that staff are protected on site, allowing operations to continue as normal despite Covid-19.
By Dayo Laniyan; [email protected]
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