ZUG, Switzerland, Dec. 13, 2012 /CNW/ – Katanga Mining Limited (TSX: KAT) (“Katanga” or the “Company“) today announced the satisfaction of the conditions precedent to draw down from its previously announced US$515.5 million senior secured facility between, among others, a Katanga subsidiary, as borrower, Katanga and other Katanga subsidiaries as guarantors, and the Glencore Group, as lender (the “Facility”).
The Facility funds in part the previously announced Updated Phase 4 Expansion of Katanga’s copper and cobalt project. The Facility is now fully-drawn, will mature on December 31, 2014 and interest is payable on the drawn amount at a rate of 10% per annum.
Additional information about the Facility was included in Katanga’s most recently filed management discussion and analysis for the three and nine months ended September 30, 2012.
About Katanga Mining Limited
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The Company has the potential to become Africa’s largest copper producer and the world’s largest cobalt producer. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.
SOURCE Katanga Mining Limited