Canadian base metals producer Lundin Mining has increased its unsecured revolving credit facility, lifting the total committed amount to $4.5-billion and extending the maturity to February 26, 2031.
The company announced on Thursday that it had successfully amended the facility, increasing it from $1.75-billion to $4.5-billion, as previously indicated.
Initially, Lundin will have access to $2.25-billion. Subject to certain conditions, the facility will expand to $3.5-billion and, upon sanctioning Stage 1 of the Vicuña project, will increase to the full $4.5-billion.
The upsized facility strengthens Lundin’s liquidity position as it advances its growth strategy, including development activities in the Vicuña district on the Argentina-Chile border, where the company holds a 50% interest in what is regarded as one of the world’s largest copper, gold and silver projects.
The Bank of Nova Scotia acted as administrative agent, joint bookrunner and joint lead arranger, with ING Capital as syndication agent, joint bookrunner and joint lead arranger. Bank of Montreal served as documentation agent and joint bookrunner and joint lead arranger. National Bank of Canada and Canadian Imperial Bank of Commerce also acted as joint bookrunners and joint lead arrangers.
Lundin, which operates three mines in Brazil and Chile, has set out a strategy to become a top ten global copper producer, underpinned by organic growth and project development.