Copper miner Equinox Minerals announced yesterday it had struck a deal with four different commercial banks that will allow it to roll over US$400 million of debt into a new and more flexible facility.
Equinox said the new corporate facility with Standard Bank, Standard Chartered Bank, Industrial and Commercial Bank of China and BNP Paribas will be used to repay its existing debt facilities for the development of a copper mine in Zambia.
Equinox chief executive Craig Williams said the debt rollover is an indication of the company’s strong position in the global copper market.
“Refinancing our existing project debt facilities with a corporate loan reflects our transition from a developer to an operator of a world class mining asset,” he said.
“Our company will benefit from the increased flexibility in the structure of this facility and is now very well placed to move to the next phase of its growth.”
The company expects to achieve financial close on the new facility in March this year.