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Resolute Mining Limited

Publié le 23 octobre 2015

Voluntary Acceleration of Debt Repayments

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Mots clés associés :   Ghana | Mali |

Voluntary Acceleration of Debt Repayments

Voluntary Acceleration of Debt Repayments.docx


ASX Announcement


01

23 October 2015


BALANCE SHEET STRENGTHENED BY ACCELERATED DEBT REPAYMENTS


HIGHLIGHTS

  • Resolute's US$20 million Gold Prepay Loan Facility has been settled in full with delivery of the final gold instalment in October 2015

  • Debt Restructure Agreed with Lending Syndicate for accelerated repayment of Resolute's US$50 million Cash Advance Facility

  • The Cash Advance Facility will now be repaid in full by 10 equal instalments of US$5 million from October 2015 through to 30 June 2016

  • Terms and Conditions of the senior debt facilities remain otherwise unchanged

  • The voluntary accelerated repayment arrangements result in an immediate and ongoing reduction in net debt and an extension of the maturity date of the Cash Advance Facility and the Bonding Guarantee Facilities to 30 June 2016


Resolute Mining Limited (ASX: RSG, 'Resolute' or the 'Company') is pleased to advise that due to continued strong cash generation from operations, and the resulting accumulation of cash and bullion, the Company has arranged to accelerate repayment of its senior secured debt facilities. These facilities consist of a Syndicated Facilities Agreement with Barclays Bank PLC ('Barclays') and Investec Bank Plc ('Investec') and a Letter of Credit Facility Agreement with Citibank Limited ('Citibank').


The US$20m Gold Prepay Loan Facility, provided jointly by Barclays and Investec in October 2013 as an extension to the existing secured loan facility, has been repaid in full following delivery of 24 equal instalments of 660 ounces of gold. Instalments were delivered monthly with the final delivery occurring during October 2015.


Following settlement of the Gold Prepay Loan Facility, Resolute has secured the agreement of Barclays and Investec to accelerate repayment of the Company's senior secured US$50m Cash Advance Facility which is due to expire on 28 February 2016. Resolute has elected to repay the facility in full. Under the new repayment arrangements Resolute has volunteered to make


ASX Announcement


monthly repayments of US$5m, starting immediately, as part of a new amortisation schedule 02

which will see the Cash Advance Facility entirely repaid as at 30 June 2016.

As a result of the restructured repayment schedule the maturity date of the Cash Advance Facility and the bonding facilities have been extended and aligned to 30 June 2016.


Other than the inclusion of the new accelerated amortisation schedule, the extension of the ultimate maturity date to 30 June 2016, there no other material changes to the terms, conditions, or costs of the facilities.


Commenting on the new debt repayment arrangements, Resolute's Managing Director & CEO, Mr John Welborn, said the new repayment arrangements demonstrated the Company's confidence in ongoing operational performance and the strong support of the Company's senior credit providers:


'Our immediate focus is to take advantage of our strong operating performance at Syama and Ravenswood by accelerating the repayment of our existing major debt facilities and strengthen the Company balance sheet. We are currently advancing three feasibility studies to reposition our existing assets; the Syama Underground Project in Mali, the Bibiani Gold Project in Ghana, and the Ravenswood Project in Australia. We will continue to reduce debt with surplus cash while we work to optimise our project development pipeline and explore the most efficient method of funding the resulting capital requirements to advance growth opportunities.'


John Welborn

Managing Director & CEO

+61 8 9261 6100


About Resolute:

Resolute is a successful gold miner with more than 25 years of continuous production. The Company is an experienced explorer, developer, and operator having operated nine gold mines across Australia and Africa which have produced in excess of 7 million ounces of gold. The Company currently operates two mines, the Syama gold mine in Africa and the Ravenswood gold mine in Australia, and is one of the largest gold producers listed on the Australian Securities Exchange with FY16 guidance of 315,000 ounces of gold production at a cash cost of A$990/oz.


Resolute's flagship Syama gold mine in Mali is a robust long life asset benefitting from fully operational parallel sulphide and oxide processing plants. The move to underground mining is expected to continue the asset's history of strong cash generation and extend the mine life to out beyond 2028. The Ravenswood gold mine in Queensland demonstrates Resolute's significant underground expertise in the ongoing success in mining the Mt Wright ore body. In Ghana, the Company is completing a feasibility study on the Bibiani gold project focused on the development of an underground operation requiring very low capital and using existing plant infrastructure. Resolute also controls an extensive exploration footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d'Ivoire and is active in reviewing new opportunities to build shareholder value.

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Données et statistiques pour les pays mentionnés : Ghana | Mali | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Ghana | Mali | Tous

Resolute Mining Limited

PRODUCTEUR
CODE : RSG.AX
ISIN : AU000000RSG6
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Resolute Mining est une société de production minière d'or basée en Australie.

Resolute Mining détient divers projets d'exploration au Ghana.

Ses principaux projets en production sont GOLDEN PRIDE et RAVENSWOOD - SARSFIELD en Australie et SYAMA au Mali, ses principaux projets en développement sont FINKOLO au Mali et MT. WRIGHT en Australie et ses principaux projets en exploration sont NYAKAFURU en Tanzanie et AKOASE au Ghana.

Resolute Mining est cotée en Australie. Sa capitalisation boursière aujourd'hui est 154,8 millions AU$ (111,7 millions US$, 97,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 23 septembre 2016 à 2,35 AU$, et son plus bas niveau récent le 30 septembre 2022 à 0,21 AU$.

Resolute Mining possède 736 979 968 actions en circulation.

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Rapports annuels de Resolute Mining Limited
2007 Annual Report
Rapports Financiers de Resolute Mining Limited
02/08/2016Record $213 Million Net Profit
Projets de Resolute Mining Limited
01/07/2016Syama DFS delivers long life mine with strong margins
29/06/2016Syama DFS delivers long life minewith strong margins
Communiqués de Presse de Resolute Mining Limited
31/07/2016Syama Drilling Results confirm major extension
27/07/2016Quarterly Activities Report
06/07/2016FY16 Production and FY17 Guidance
06/07/2016Transforming world class gold assets into an outstanding bus...
24/06/2016Conversion and Redemption of Convertible Notes Completed
23/06/2016Bibiani Feasibility Study Completed
21/06/2016Resolute to Recommence Open Pit Mining at Ravenswood
20/06/2016Secured Debt Fully Repaid
23/05/2016Convertible Notes Redemption Confirmed
22/04/2016Quarterly Activities Report for the period ended 31 March 20...
20/04/2016Quarterly Conference Call
19/04/2016Early Redemption of Convertible Notes
19/04/2016Transforming world class gold assets into an outstanding bus...
10/04/2016Resolute: new management structure to drive transformation
05/04/2016Appendix 3Y – Change of Director’s Interest
30/03/2016Appendix 3Y - JPW
28/01/2016December Quarterly
28/01/2016Quarterly conference call invitation
07/01/2016Appendix 3Y – PRS
25/11/2015Appendix 3Y – JPW
25/11/2015Details of Voting at AGM
28/10/2015Quarterly conference call invitation
26/10/2015Notice of Annual General Meeting
23/10/2015Voluntary Acceleration of Debt Repayments
21/10/2015Appendix 4G
06/10/2015Share Buy-back Program
04/09/2015Convertible Note Interest Payment Record Date Appendix 3A.2
28/08/2015Appendix 3Y – PRS
28/08/2015Appendix 3B 150828
28/08/2015Preliminary Final Report
27/08/2015Reserve and Resource Update 2015
04/08/2015CEO Presentation at Diggers & Dealers
22/07/2015Quarterly conference call invitation
10/07/2015Appendix 3Y – JPW
06/07/2015Appendix 3Y – PRS
01/04/2015Further Significant High Grade Drill Results at Bibiani
20/03/2015Syama Gold Mine to Move to Underground Mining by 2017
27/02/2015Additional Appointment to the Board of Directors
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