Northam raises more than expected as it restructures debt
The platinum miner gets R411m in fresh cash and eases the repayment timeline on its domestic notes
25 May 2020 - 16:24
Northam Platinum raised R411m in fresh cash and at the same time eased the repayment timeline on its domestic medium-term notes as the coronavirus pandemic disrupts mining operations in SA.
Northam, which has the world’s deepest platinum mine at Zondereinde and a brand new, shallow, highly mechanised operation at Booysendal, has a R10bn medium-term notes programme. These notes are different from bonds, which are issued just once. The medium-term notes can be sold over a period of time during the programme rather than receiving a lump sum...
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