OZ making progress down the road

Despite making 'significant progress' in working towards a bridging facility of its loans, OZ Minerals' lenders are yet to formally respond to its request for internal approvals for bridging assistance, the company said in a statement.

Despite making ‘significant progress’ in working towards a bridging facility of its loans, OZ Minerals’ lenders are yet to formally respond to its request for internal approvals for bridging assistance, the company said in a statement.

According to OZ, the lenders have indicated that they will respond as soon as possible.

“We have made significant progress with the Facility A lenders regarding the provision of a bridging finance facility,” OZ Minerals managing director and CEO Andrew Michelmore said.

“We look forward to advising further progress in our refinancing negotiations as soon as possible.”

As of January 8, OZ Minerals cash balance was $132 million, up from $109.3 million on December 30, 2008.

“The improvement in the rate at which we are consuming cash reflects better commodity prices, and some very early benefits of the cost-cutting program we have previously advised to the market,” Michelmore said.

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