Northam: R400m credit facility secured

Northam Platinum had secured a R400 million short-term revolving credit facility and had made changes to its R1 billion revolving credit facility, it said yesterday. “Northam has secured a complete special covenant holiday in respect of all existing debt covenants applicable to the current R1bn revolving credit facility,” the statement read. The company has previously said that the facility was in line with its funding strategy, would boost its balance sheet and aid the funding the balance of capital expenditure at the Booysendal mine. Northam is still dealing with the effects of a lengthy strike that halted production at its Zondereinde mine last month. – Business Report