Diversified miner South32 has refinanced its multi-currency revolving syndicated credit facility, securing $1.4-billion of commitments from lenders for a five-year term to 2026.
The refinancing offers South32 with options to extend for up to a further two years by mutual agreement.
The miner said on Wednesday that the facility refinances the group’s existing undrawn revolving credit facility that was due to expire in 2023. The facility has been established as a sustainability-linked loan with measures linked to its ongoing commitment to emissions reduction and improving energy and water use efficiency.
The refinancing complemented South32’s sustainability approach which is aligned with the International Council on Mining and Metals (ICMM) Mining Principles and is informed by the UN Sustainable Development Goals and the UN’s Global Compact Ten Principles, to which we remain committed.
“Our new revolving credit facility provides South32 with continued access to substantial liquidity and is one of the first in the mining sector to be directly linked to sustainability performance, aligning our action and access to capital.”
South32 chairperson Karen Wood said the inclusion of specific measures on the company’s sustainability performance demonstrates its commitment to make a difference by developing natural resources in a way that improves people’s lives now and for generations to come.
“Together with the recent changes to our remuneration framework to align with our commitment to decarbonise and reshape our portfolio, the new facility strengthens this alignment between our business and stakeholders.”