Gemfields finalises debt-financing facilities of $65m

4th Jul 2016 13:33

(ShareCast News) - Gemfields has confirmed the finalisation of four debt-financing facilities totalling $65m.These included a $45m facility for the Ruby operations, Montepuez Ruby Mining Lda, which is 75% owned by Gemfields. This facility included three $15m elements.A further $20m fixed-term financing facility with Macquarie Bank Ltd was agreed in May 2016."The Facilities, together with Kagem's existing revolving credit facility of $30m with Barclays Bank in Zambia, provides Gemfields with the necessary funding to sustain its growth and expansion plans to increase annual production to approximately 20m carats of rough rubies in MRM and more than 40m carats of rough emeralds in Kagem within the next three years," it said."Lastly they also assist in smoothing the Company's cash flows given the intermittent nature of revenue in-flows from the coloured gemstone auctions."