SYDNEY, Jan 21 (Reuters) - OZ Minerals Ltd, the world's second-largest zinc miner, could announce as soon as Tuesday it has secured a bridging loan needed to maintain its operations while it renegotiates its debt, the Australian Financial Review reported.
'It is understood the company was last night confident of securing the facility today,' the paper said, without citing sources.
OZ Minerals is slashing costs, cutting back production and looking to sell assets as it seeks to refinance $560 million in debt by Feb. 27, against the backdrop of a plunge in metals prices.
The company had said last Thursday it had made progress with its lenders on the bridging facility, though terms were still being finalised.
(Reporting by James Thornhill) Keywords: OZMINERALS/ (james.thornhill@reuters.com; +61-2-9373-1816; Reuters Messaging: james.thornhill.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'It is understood the company was last night confident of securing the facility today,' the paper said, without citing sources.
OZ Minerals is slashing costs, cutting back production and looking to sell assets as it seeks to refinance $560 million in debt by Feb. 27, against the backdrop of a plunge in metals prices.
The company had said last Thursday it had made progress with its lenders on the bridging facility, though terms were still being finalised.
(Reporting by James Thornhill) Keywords: OZMINERALS/ (james.thornhill@reuters.com; +61-2-9373-1816; Reuters Messaging: james.thornhill.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.