Optimum Coal a SA coal mining and exploration group said that it has entered into a ZAR 2.2 billion revolving credit facility with a consortium of lenders.

Mr Doug Gain financial director of Optimum Coal said that "Over and above existing cash resources, the new facility provides us with increased balance sheet flexibility in order to fund our near term capital and growth commitments as well as our TNC and Remhoogte acquisitions.”

Mr Gain said that "It will further enable us to improve the efficiency of our overall capital structure.”

The lenders include Rand Merchant Bank, Standard Chartered Bank and Investec Bank.

(Sourced from www.businesslive.co.za)