Northam expands credit facility to fund green energy

NORTHAM Platinum has increased its revolving credit facility R2bn to R13.3bn, giving the South African miner firepower to accelerate a renewable energy programme targeting more than 70% clean power by 2030.The expanded facility, which matures in August 2027, lifts Northam’s total available banking lines to R14.3bn when combined with R1bn in existing general banking facilities. All other terms remain unchanged.Northam said it will use the additional capacity primarily to speed up construction of own-build solar photovoltaic plants at its mine sites, backed by utility-scale battery storage. The company has also signed power purchase agreements with independent power producers whose projects are already under construction and, in some cases, generating electricity.CFO Alet Coetzee said the enlarged facility gives the company “the necessary flexibility and additional capacity” to push ahead with its clean energy transition without disrupting other capital programmes or shareholder returns.“We can significantly decrease our contribution towards greenhouse gas emissions,” Coetzee said.Northam described itself as a large and growing energy consumer facing rising electricity costs and supply constraints — a persistent challenge for South African miners reliant on the state utility Eskom.The company said its renewable energy programme, combining purchased and self-built capacity, is on track to supply more than 70% of its total energy requirements from clean sources before the end of the decade, with a corresponding reduction in carbon emissions.The post Northam expands credit facility to fund green energy appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com