Greatland Resources (ASX:GGP) said it has executed a AU$500 million corporate debt facility with a lending syndicate, and has made a final investment decision (FID) to develop the Havieron gold-copper project in Western Australia, according to a Monday Australian bourse filing.
The lending group consists of ANZ Group (ASX:ANZ, NZE:ANZ), ING, HSBC, National Australia Bank (ASX:NAB), and Westpac (ASX:WBC, NZE:WBC).
The company said the facility comprises a AU$250 million revolving credit facility with a five-year term, a AU$225 million revolving credit facility with a seven-year term, and a AU$25 million contingent instrument facility (CIF) drawn to AU$17.9 million as of May 31.
Financial close on facility A and the CIF has been achieved, with financial close on facility B targeted for the end of June following the publication of Greatland's updated ore reserve estimate for Telfer, the filing added.
With over AU$1.7 billion in available liquidity subject to facility B closing, Greatland said it is fully funded to develop Havieron.
The company's shares were up over 3% in recent Monday trade.