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Kaz Minerals said it had signed new term loan credit facility of up to $100m with US industrial giant Caterpillar, which supplies mining equipment to its Bozshakol and Aktogay mines in Kazakhstan.
The interest margin and financial covenants on the facility were comparable with the company's existing pre-export finance facility.
It was comprised of two sub-facilities of $40m and $60m secured against existing and new Caterpillar equipment, which would be drawn between December 2019 and March 2021.
Quarterly repayments for both sub-facilities would commence in December 2020, with final maturities in December 2023 and March 2026.
'This new credit facility with Caterpillar provides additional liquidity and broadens our debt portfolio as we progress the construction of the Aktogay expansion project in Kazakhstan, which is due to commence production in 2021,' chief financial officer John Hadfield said.
At 4:00pm: (LON:KAZ) Kaz Minerals PLC share price was +3.35p at 491.05p