(Alliance News) - FTSE 250-listed copper miner KAZ Minerals PLC said Fridya it has signed a new term loan credit facility worth up to USD100 million with Caterpiller Financial Services UK Ltd, a subsidiary of industrial equipment supplier Caterpillar.
The facility is made up of two sub facilities of USD40 million and USD60 million, both secured against existing and new Caterpillar equipment, which will be drawn between December 2-19 and March 2021.
"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," said Chief Financial Officer John Hadfield.
Shares in KAZ Minerals - which is headquartered in London - were up 0.6% at 490.60 pence on Friday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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