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Johannesburg - Stanbic Bank Ghana said on Wednesday it has
closed a $60m senior revolving loan with Gold Fields [JSE:GFI] unit in the
country.
The bank, a unit of Standard Bank Group [JSE:SBK], said in a
statement the loan was for a fleet replacement at Tarkwa and Abosso mines. The
loan facility is for three years, the company said.
"With this facility in place, Gold Fields operations in West Africa have fully matured and would no longer depend solely on shareholder loans for its working capital and future investments," said Peter Turner, executive vice-president of Gold Field's West Africa operations.
The Tarkwa mine produced 720 700 ounces of gold during the
2010 financial year and is seen producing between 720 000 oz and 760 000 oz in the financial year to end-June 2011.
Abosso's Damang mine is seen producing between 220 000 oz and 240 000 oz of gold in the current financial year, after producing 207 400 oz in 2010.
Gold Fields shares were up 1.52% at R98.99 in morning trade, compared with a 0.7% rise in Johannesburg's Top 40 - (Tradeable) [JSE:J200] Index.
