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Published on 11 September 2015
Northam wishes to advise shareholders that the credit rating agency, Global Credit Rating Co. ("GCR"), has upgraded Northam's short term credit rating from A2(za) to A1-(za) and reaffirmed the Company's long term rating of BBB+(ZA) with the outlook accorded as Stable.
Northam's upgrade in its short term credit rating was obtained despite the industry outlook remaining negative on account of, inter alia, depressed platinum group metal (PGM) prices and cost inflation, illustrating the benefits of the Group's liquid balance sheet and strong shareholder support.
GCR has published a detailed credit rating report (available from GCR at http://globalratings.net detailing the key criteria which form the basis for its rating, these include:
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The impact of Northam's fully funded R6.6 billion black economic empowerment transaction, which raised Northam's empowerment levels to 35.4%, on a secured basis for 10 years, and incorporated a cash injection of R4.6 billion, notably enhancing Northam's liquidity and flexibility.
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Increased production supported the uplift in PGM sales, which saw the Group's revenue increase to over R6 billion for the first time in the 2015 financial year.
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Higher Booysendal Mine output and general cost rigour underpinned a recovery in the Group's operating profit margin.
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The Booysendal Mine increasing the Group's operational stability and reducing the concentration of risk. The mine is set to reach steady production in the second half of calendar 2015.
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A reduction in capital expenditure during the 2015 financial year both deliberate and occasioned by the virtual completion of the Booysendal North, Phase 1.
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Northam's redemption of the R1.4 billion in three-year domestic medium term notes thereby reducing the Group's debt to negligible levels.
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The three-year wage agreement recently concluded at Northam's Zondereinde mine with the National Union of Mineworkers.
Johannesburg
11 September 2015
Issued by
Russell & Associates
Johannesburg
Tel +27 (0)11 880 3924
Marion Brower: +27 (0) 71 493 0387
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Northam Platinum Ltd
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PRODUCTEUR |
CODE : NOC.BE |
ISIN : ZAE000030912 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Northam Platinum est une société de production minière de platine basée en Afrique Du Sud. Northam Platinum détient divers projets d'exploration en Afrique Du Sud. Son principal projet en production est NORTHAM MINE en Afrique Du Sud et son principal projet en développement est BOOYSENTHAL en Afrique Du Sud. Northam Platinum est cotée aux Etats-Unis D'Amerique, en Afrique Du Sud et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,8 milliards €UR (2,2 milliards US$, 1,8 milliards €). La valeur de son action a atteint son plus bas niveau récent le 18 décembre 2015 à 1,16 €UR, et son plus haut niveau récent le 08 septembre 2021 à 10,50 €UR. Northam Platinum possède 174 810 000 actions en circulation. |