Lender gives nod to credit extension

Gold Fields announced yesterday that it had extended its credit facilities after reaching an agreement with its bank to amend them. “Under the amended facilities agreement, the maturity date of commitments totalling $715 million (R7.7 billion) has been extended on the same terms by two years, from November 2015 to November 2017,” the company said. Gold Fields, which announced two fatalities at its South Deep operation in May, said its focus for the next four months would be on completing the secondary support backlog, with a view to returning the mine to normal production as soon as possible. The group unbundled its mature Beatrix and Kloof Mines and formed Sibanye Gold following the labour unrest in 2012. And last year, it expanded its presence in Western Australia by acquiring the Granny Smith, Lawlers and Darlot mines from Barrick Gold. – Dineo Faku