Newcrest Receives Early Repayment of Credit Facility from Lundin
Melbourne, January 5, 2023 - Newcrest Mining Ltd. (ASX: NCM) (TSX: NCM) (PNGX: NCM) announces that it has received early repayment of the gold prepay credit facility in the amount of $173 million (net of withholding taxes) from Lundin Gold Inc. (Lundin Gold).
Newcrest acquired the gold prepay credit facility, together with a stream facility and an offtake agreement in respect of Lundin Gold's Fruta del Norte mine for $460 million in April 2020 (see market release dated 30 April 2020). The gold prepay credit facility was a $150 million non-revolving subordinated term credit facility that was fully advanced to Lundin Gold's wholly-owned subsidiary, Aurelian Ecuador. The stream facility and the offtake agreement will continue in place following the repayment of the gold prepay credit facility.
Newcrest Interim Chief Executive Officer, Sherry Duhe, said, "With the early repayment from Lundin Gold, Newcrest has now received cash flows of $451 million (net of withholding taxes) from the Fruta del Norte financing facilities since their acquisition, including cash flows of $325 million (net of withholding taxes) from the gold prepay credit facility. This represents an attractive return on this investment and provides Newcrest with additional near-term financial flexibility."
Authorised by the Newcrest Disclosure Committee
For further information please contact
Investor Enquiries
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au
Rebecca Lay
+61 3 9522 5298
+61 438 355 511
Rebecca.Lay@newcrest.com.au
North American Investor Enquiries
Vlada Cvijetinovic
+1 604 335-9202
+1 604 240 2998
Vlada.Cvijetinovic@newcrest.com.au
Media Enquiries
Tim Salathiel
+61 3 9522 4263
+61 407 885 272
Tim.Salathiel@newcrest.com.au
This information is available on our website at www.newcrest.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150455