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LionOre to receive new credit facility

LIONORE Mining International has announced a new $A150 million credit facility with an international banking syndicate headed by the ANZ Banking Group and including the Bank of Scotland and BNP Paribas. The new facility will replace a $123 million temporary credit facility with additional amounts to fund growth initiatives for Australian mining projects, LionOre said in a statement. A security deposit of $US103 million held against the temporary facility will be released to the company, allowing it to be used for working capital purposes.The facility will be available to LionOre in two tranches of $75 million each, the first being repayable in $25 million instalments at the 12-, 18- and 24-month anniversaries from the date of draw-down and the second repayable at the end of six months. The first tranche bears interest at the Australian bank bill rate (BBSY) plus 0.61 per cent per annum and the second tranche bears interest of BBSY plus 1 per cent per annum. The BBSY is currently 5.6 per cent. The facility agreement is expected to be finalised in the fourth quarter of this year, LionOre said.

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