A final extension

OZ Minerals lenders have once again extended the refinancing date of its loans.

OZ Minerals lenders have once again agreed to an extension on the refinancing date of its loans, the company announced this morning.

The loans, originally due for repayment on 30 April, have been extended until June 30.

OZ said in its first quarterly report earlier this week that it would be seeking to extend its loans in order to give it time to complete its US$1.2 investment deal with China Minmetals.

The extension has been granted on the basis that the banks may terminate OZ facilities should certain events occur, most notably if the company’s deal with Minmetals is terminated before its completion, the company said.

According to its statement, OZ Minerals total cash balance now stands at US$109.5 million, as well as $33 million undrawn from its short term bridge facility loan of $140 million.

OZ does not believe it will require any further extensions to its loans, the company said.

“The Company does not currently expect that it will require any additional finance facilities prior to 30 June 2009, but may be required to draw down further on its short term bridge facility,” the company said.

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