Credit Suisse funds gold miner

Canada-based gold producer Great Basin Gold has signed a US$47mn export finance facility with Credit Suisse.

The funds will be used for the final costs related to completing Great Basin’s Burnstone project, a gold mine located southeast of Johannesburg, South Africa, which is due to start up in the upcoming weeks.

The facility, which is set at 4% over US dollar Libor, will reach maturity after four years, with a 12-month grace period on interest and capital payments after draw down.

Furthermore, Great Basin will have the option to repay the loan a year after draw down at no additional cost.

Ferdi Dippenaar, chief executive officer and president of Great Basin, says: “We are delighted with the speed with which the low-cost and flexible facility was put in place with Credit Suisse. It provides the last-needed piece to our capital structure.”