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Eastplats Announces Platinum Pipeline Finance Facility Agreement with Investec Bank Limited Updated and Filed
Vancouver, British Columbia--(Newsfile Corp. - November 10, 2022) - Eastern Platinum Limited ...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastplats Announces Platinum Pipeline Finance Facility Agreement with Investec Bank Limited Updated and FiledVancouver, British Columbia--(Newsfile Corp. - November 10, 2022) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") announces the signed pipeline finance agreement between Investec Bank Limited (\"Investec\") and Barplats Mine (Pty) Ltd, a wholly owned subsidiary of Eastplats, which delivers tailings platinum group metals to Impala Platinum Limited previously announced on September 22, 2022, has been updated. The maximum size of the credit facility was reduced from R150 million (C$11.3 million) to R110 million (C$8.3 million). The facility will be used for working capital purposes and funding the restart of the Zandfontein underground section of its flagship Crocodile River Mine, located near Brits, South Africa. Investec is a leading South African international banking and wealth management group.Highlights of the key terms of the finance facility include:Renewable 12-month revolving commodity finance facility secured by platinum group metal (\"PGM\") production from the tailings storage facility at the Crocodile River Mine.Indicative rate on financing - 3 month Johannesburg Interbank Average Rate (\"JIBAR\") + margin agreed between the Company and Investec. The interest rate is subject to the credit quality of the PGM off-taker on an annual basis.Immediate pay-out to the Company on the PGM concentrate delivery date.The maximum size of the credit facility is R110 million (C$8.3 million).Guaranteed prices through a fixed-price swap hedge overlay on platinum, palladium, rhodium, and gold (4E) minerals.The finance facility agreement has been filed under the Company's profile on SEDAR at www.sedar.com.About InvestecInvestec partners with private, institutional, and corporate clients, offering international banking, investment, and wealth management services in two principal markets, South Africa and the United Kingdom, as well as certain other countries. The group was established in 1974 and currently has approximately 8,200+ employees. Investec has a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. Investec's current market capitalization is approximately £3 billion.About Eastern Platinum LimitedEastplats owns directly and indirectly a number ...