Resolute secures $US100m for growth opportunities

Gold miner Resolute Mining has established a $US100 million ($135 million) revolving loan facility with Investec Australia.

The new facility provides Resolute with flexible access to low-cost funding for new growth opportunities.

Resolute’s new facility is fully underwritten by Investec, has an initial three-year term and rank pari passu (equal footing) with the existing banking syndicate security trust deed.

John Welborn, Resolute managing director and chief executive officer, commented: “This revolving facility ensures Resolute has financial flexibility to pursue our growth agenda and act on opportunities as they arise.

“We maintain a strong balance sheet and ensuring a modest level of gearing is available for the company is a sound and appropriate strategic decision given our ambitions and outlook.”

Resolute last week announced it had extended the mine life of the Ravenswood gold operation in Queensland by three years through a mine expansion project.

In West Africa, the miner has made progress at its Syama underground operation in Mali by identifying potential to cut costs by 15 per cent through an autonomous mine design and power upgrade project.

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