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14 September 2015
TROY TO CONVERT CURRENCY OF LOAN FACILITY WITH INVESTEC BANK AND RESETS HEDGE BOOK
Troy Resources Limited (ASX: TRY) advises that following its recent review of operational performance at Casposo and the consequent implementation of a revised plan of action, the Board initiated a treasury risk review of the profile of the Company's existing hedge commitments and its loan facility with Investec Bank Plc (Investec).
Given the imminent start of gold production from Karouni and taking account of the changing nature of activities at Casposo, the Company entered into discussions with Investec as to how it might better align the hedge profile and loan facility based on the updated production schedule and current market factors and conditions.
As a result of these discussions, the Company:
• Has initiated the process of converting Troy's A$100 million loan facility with Investec into a US$ denominated arrangement. This represents a logical step given that ongoing cash-flows generated within the Group will be in US$ and this will then provide for a natural hedge. The conversion also serves to lock in benefits gained from recent weakness in the local currency during the construction of Karouni and also provides for access to lower interest rates; and
• Agreed a reduction in its mandatory hedging requirement from 100,000oz to 75,000oz of gold realizing a gain of approximately US$10 million (before tax). The reduced hedging profile has an average price of just over US$1,100/oz.
ENDS
For further information please contact:
Martin Purvis Stacey Apostolou CEO Company Secretary Troy Resources Limited Troy Resources Limited T: (61 8) 9481 1277 T: (61 8) 9481 1277
14 September 2015 | 1
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Troy Resources NL
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PRODUCTEUR |
CODE : TRY.AX |
ISIN : AU000000TRY7 |
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Troy Res. est une société de production minière d'or basée en Australie. Troy Res. est productrice d'or, d'argent au Bresil, en Australie et en Argentine, en développement de projets d'or en Australie, et détient divers projets d'exploration au Bresil, en Australie, en Argentine et en Finlande. Ses principaux projets en production sont GOIAS VELHO / SERTAO MINE et ANDORINHAS au Bresil, BULCHINA MINE, CORNISHMAN & DOUBLE O, CORNISHMAN MINE, LORD NELSON et LORD HENRY en Australie et CASPOSO en Argentine, ses principaux projets en développement sont SANDSTONE - LORD NELSON et SERTAO en Australie et ses principaux projets en exploration sont DALY RIVER, THREE RIVERS, TWO MILE, THREE RIVERS et TROJAN JV en Australie et OIJARVI en Finlande. Troy Res. est cotée au Canada, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 13,7 millions AU$ (9,9 millions US$, 9,1 millions €). La valeur de son action a atteint son plus haut niveau récent le 05 octobre 2012 à 5,02 AU$, et son plus bas niveau récent le 01 septembre 2023 à 0,03 AU$. Troy Res. possède 456 600 000 actions en circulation. |